Tumblin’ Tuesday – Markets Take a Much Needed Pause
Finally!
We keep betting on it and it finally happens but don’t get exicted about this teeny, tiny pullback – it will take a lot more than this little action to derail the bull market. I know it’s very much in vogue to ignore “facts” and “news” but we’re Fundamental Investors – we can’t help ourselves and, when the conditions weaken, we bet against the market, no matter how good the charts look. As I noted in Friday’s Morning Report:
That means our index shorts (see yesterday’s Morning Report) are back on in the Futures and we do have S&P (/ES) 2,850 this morning and Nasdaq (/NQ) 7,000 along with Dow (26,425) and Russell (/TF) 1,610 but, as with yesterday, we favor shorting the S&P and the Nasdaq as they cross below with very tight stops over the lines. The once-again weak Dollar is supporting the indexes for now but it’s not likely to last (China and Japan won’t put up with it past this level).
We’re not shy about going back to the well and this is just another one of those ways the rich get richer in ways the poor don’t even have access to (Futures accounts). We discussed our hedges earlier in the week and I would strongly suggest not going into the weekend without any as it may occur to some people that a declining GDP might not support a 12.5% rise in the S&P since the beginning of Q4.
We didn’t get a good entry signal (crossing below the lines from above) until Monday morning, when I sent out a 5am note to our Members saying:
Futures dipping a little bit but nothing exciting so far. I still have 6 short /ES at 2,854 and 4 short /NQ at 6,999.68 and still long 8 /DX at 89.10.
Provided courtesy of Phil’s Stock World.
To read the rest of this article now, along with Phil’s live intra-day comments, live trading ideas, Phil’s market calls, additional member comments, and other members-only features – Come to the winning side at Phil’s Stock World by clicking here.
To sign-up for a free trial membership, click here.
Source: http://www.philstockworld.com/2018/01/30/tumblin-tuesday-markets-take-a-much-needed-pause/?utm_source=beforeitsnews&utm_medium=feed&utm_campaign=psw-feeds&utm_content=article-link
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).