In a market that is weak and going down, there will be the few stocks that will go up against the overall trend… But it will be akin to looking for a needle in a haystack. So its better to sit on sidelines and wait for some markets to turn.
If one is invested in fundamentally sound companies, then it makes sense to sit tight and do nothing. But for someone who is partially/fully in cash, and has a mindset of momentum investor, it makes sense to wait and be sure about trend. For pure fundamental investors, these things do not matter.
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