Got an e-mail this morning from someone and it said “I thought you said we weren’t ready to rally?”
Yup, I said it in my weekend video, and I stand by it.
We’re up 241 points in the Dow as I type this. Based on recent action, this amount does not constitute a rally.
We’re bouncing, which happens when we get stretched too far to the downside. Volatility is mean reverting. Increased volatility correlates with downside in the financial (and some other) markets.
We’re of the highs of the day, and I think there’s the chance we go flat to red across the major indexes. Why? some off the recent leaders aren’t acting well.
But…it is lunchtime in a few, which means we can get choppy. Still, I don;t see a buy opportunity here. Not a BEAR, I just think we see a bit lower before we get a sink your teeth into type of bounce.
Questions? Hit reply and aks (that’s New Jersian
TIME IS RUNNING OUT ON THIS: My friend and fellow trader Matt Morris has a new, free video out which speaks to taking advantage of the mid-term election trend. This has the potential for some good moves this year, so don’t delay- sign up now to watch it.
I may send an update later this afternoon if warranted, so don’t freak out over the multiple e-mails.
Michael “tiny” Saul
P.S. The mid-term election video is free, it just “costs” you your e-mail address, so why not give it a watch? Click here now to watch the video.