I call this a “Cub” market because the evidence is continuing to point to at least a minor pullback continuing. We haven’t seen this clear of a bearish pattern since the election. Is this “The Big One,” the full-on Bear Market? No evidence of that yet, but we are looking at, at least a minor correction down to about Dow $19,500.
This will be very tradeable and I am actively looking at some short term short selling of stocks that move with the indexes, primarily in the financial and basic services sectors.
Gold continues to show strength and the technicals are calling for more highs to come. We are long and may add more long positions in the near future.
Oil is untradeable right now. The highest probability is for more lows but we need to see downward movement and lower-lows, lower-highs put in to prove that.
Stay tuned and I will continue to provide the latest updates. If anything changes, I will send out real-time updates.
Thanks,
Dean Jenkins
Follow Me Trades LLC
Work: (360) 464-1083
dean@followmetrades.com