BUY HBAN $4.56
SOLD BOOM $19.26
SOLD CNO $5.09
SOLD ENER $10.57
click to enlarge
Markets continue to slide lower and where will we see the bounce? The US$ has strengthened the past few sessions which has caused commodities to slide. Alongside the US gov't's announcements to regulate the financial system is causing lots of volatility and instability in these markets. Traders/Investors do not like uncertainty and there is lots of it right now on the street.
We are still in a bullish uptrend and I remain long a few stocks, although I have been doing some selling this week. In this bull market, you can only be long or neutral and I am remaining neutral for now until I see some bounce or some buying. We are getting into oversold territory for the markets, which makes me think that we should see some dip buying soon again if this trend is to continue. Looking at the chart, the S&P has pulled back right to the breakout level from late December. As well, the 50 day MA is right below so we should see a bounce right away higher off the 50 day. If we linger here, I think we may be heading lower but these two things are supportive of the market bouncing very soon!! Otherwise we will continue to be in this sideways chop zone and it trading will be volatile.
SOLD BOOM $19.26
SOLD CNO $5.09
SOLD ENER $10.57
click to enlarge
Markets continue to slide lower and where will we see the bounce? The US$ has strengthened the past few sessions which has caused commodities to slide. Alongside the US gov't's announcements to regulate the financial system is causing lots of volatility and instability in these markets. Traders/Investors do not like uncertainty and there is lots of it right now on the street.We are still in a bullish uptrend and I remain long a few stocks, although I have been doing some selling this week. In this bull market, you can only be long or neutral and I am remaining neutral for now until I see some bounce or some buying. We are getting into oversold territory for the markets, which makes me think that we should see some dip buying soon again if this trend is to continue. Looking at the chart, the S&P has pulled back right to the breakout level from late December. As well, the 50 day MA is right below so we should see a bounce right away higher off the 50 day. If we linger here, I think we may be heading lower but these two things are supportive of the market bouncing very soon!! Otherwise we will continue to be in this sideways chop zone and it trading will be volatile.
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