We have dropped back below the 50 day and with all the negative news flow on Syria, the debt ceiling, uncertainty about the fed, interest rates and earnings season behind us there should be no reason to jump into anything unless its a perfect setup.
I do believe the markets are going lower and I actually love when the market corrects because it resets the base and gives us opportunity to pick up some good stocks on sale. A good correction will put all kinds of stuff on sale so get your shopping lists ready but don't be to eager to buy anything until the market itself establishes an new uptrend. Right now we are in correction mode and we have the two worst months in the market form a historical perspective in front of us.
There will still be bounces in the market that we can play. However, as I have been saying for the last couple weeks, reduce you position sizes, limit and or eliminate all swings for now, build cash and be quick with your trades book profit quick when its there and cut losses quickly keeping them small.
Get your shopping list together and chill while things work themselves out
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JUST CHILLIN |
$ASTX pr $HALO SA article, $SWSH dolla holla on pr ? , $ARAY earnings last night, $KEQU earnings very thin be careful, $ZLC earnings,
OIL and oil services names could be in play
GOLD and SILVER names still look strong
Seeking Alpha
Today's Markets:
In Asia, Japan -1.5% to 13338. Hong Kong -1.6% to 21525. China -0.1%to 2101. India +0.2% to 17996.
In Europe, at midday, London -0.5%. Paris -0.3%. Frankfurt -0.9%.
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.9%to $109.96. Gold +0.35% to $1425.20.
Today's economic calendar:
7:00 MBA Mortgage Applications
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
1:00 PM Results of $35B, 5-Year Note Auction
7:00 MBA Mortgage Applications
10:00 Pending Home Sales
10:30 EIA Petroleum Inventories
1:00 PM Results of $35B, 5-Year Note Auction
Good luck trading today !!
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