Top Trader: S&P 500 Recovery Not a Dip to Buy, Is Bitcoin Also on Shaky Ground?

The S&P 500 Index on Monday recovered from its worst week since the 2008 financial crisis, lifted by hopes that the central bank would introduce stimulus programs to offset the economical slowdown caused by the growing Coronavirus pandemic. But the intraday recovery alone cannot guarantee a full-fledged bull run, according to a top market analyst.

Anonymous Twitterati DonAlt on Tuesday warned traders/investors about not buying dips in the S&P 500, believing the index could suffer more losses as Coronavirus continues to infect people and economies all across the world. More so, the full-time trader recommended people to take out their S&P 500 profits at local tops.

“I think this bounce is a bounce to take profit on, not a dip to buy,” said DonAlt. “The impact the coronavirus on the world economy is, in my non-expert opinion, going to be larger than most think. I think the biggest panic is yet to come, once the American media runs hot.”

$SPX

I think this bounce is a bounce to…