The stock market came under heavy selling pressure today and experienced another “Distribution Day”. (A term for a day of professional selling) Key price support levels were also violated on the Nasdaq and S&P500 and were accompanied with an increase in trading volume. We stated in our post yesterday that “a door has opened for possible selling by market participants”. Today “they” indeed entered through it and sold en masse. This action constitutes a second stage sell signal (2nd of a possible 3) and puts us on the verge of a change in our Current Market Outlook to a “Red” light. The price & volume action of the major indexes tomorrow, and possibly on Monday, will dictate any change in our official outlook.
During the day we raised cash levels in 6 of our 7 our strategies to protect our clients capital. The inverse (“short”) positions we entered into earlier this week are working well already. Volatility to the upside and downside will likely increase significantly in the weeks ahead. Stayed tuned to this page and feel free to call us if you have questions about your own situation. Have a Triumphant day!
You’re not here by accident. God loves you. He wants you to have a personal relationship with Him through Jesus, His Son. Triumphant strives to honor the Lord and bear witness to His love and mercy by serving our clients with disciplined, proactive wealth management.