Closing below the 50-day moving average is all it will take to switch the signal to a downtrend, so stay frosty.
The stock market has had a good run since November, so don't be shy about taking some money off the table (e.g. recover your initial investment). Keep your losses small no matter what. You can always buy back in if/when price action improves.
Much more commentary on Gamestop, WallStreetBets, and Retail traders after the jump...Stock Market Outlook - Week of January 31 2021
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