Bearish Hanging Man Confirmed

Written by Donnie Nguyen

May 11, 2019

man in car using uber app on phone

The S&P 500 dropped 2.18% this week and confirmed the bearish hanging man pattern I wrote about last week. Brace yourself for some further dips.

Uber (UBER) debuted its IPO on Friday, opening below its IPO price of $45 and closing below it.

Trump just imposed new tariffs on China.

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If you follow my blog every week, you know that none of this news changes my overall strategy.

  • Keep a healthy emergency fund of at least 6 months living expenses
  • Keep 25% cash in my individual stock accounts when markets are at all-time highs – ready to deploy that cash in the next correction or bear market
  • Keep on dollar-cost averaging in my mutual fund accounts, which are 100% stocks since I have a 20+ year time horizon

It looks like I might get another chance to buy on the dips. I’m looking forward to making purchases if the S&P 500 gets into correction terriitory (10% from all-time highs).

How are you guys handling the market? Share your thoughts by commenting below. If you like this post, share it on social media.

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DISCLOSURE

I/we have no positions in any stocks mentioned and no plans to initiate any positions within the next 72 hours.

I wrote this article myself and it expresses my own opinions. I’m not receiving compensation for it (other than from Wolves Of Investing), and I have no business relationship with any company whose stock is mentioned in this article.

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Donnie Nguyen

Donnie Nguyen

Donnie Nguyen is the founder and CEO of Wolves of Investing. He started investing in the stock market in the early 2000s. He follows the teachings of Peter Lynch, Warren Buffett, and other investing legends. When he's not investing or blogging, he loves spending time with his family traveling and experiencing the world.

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