
Where Are Woodward and Bernstein When We Need Them?
Where Are Woodward and Bernstein When We Need Them? This article was written by Newt
Home » Special Bulletin: October 4th, 2018
Mr. Market spoke today and it wasn’t just sweet nothings in investors ears. The NASDAQ experienced its 9th day of high volume professional selling (Distribution) in just the last 25 trading days and sliced through 2 key price support areas by the close. The S&P500 closed down under just 1 key price support area, and on lower trading volume than the previous day. (A slight positive non-confirmation) However, other technical indicators, which began flashing early warning signs just last week (see 2nd paragraph of 09/28 post below), did confirm the intensity of todays sell-off. As a result, our Current Market Outlook has changed to “Uptrend Under Pressure”and the light is now “yellow”.
Interest rates and the US $ are soaring this week and causing anxiety for some investors. The market will have a big test tomorrow (Friday) with the unemployment number, which will be announced before the open. As it stands now, the market has moved through a first stage and into a second stage “sell-signal” this week based on our proprietary 3 stage sell-signal process. In response, we have been raising the levels of cash in 5 of our 6 strategies and they currently stand at amounts ranging from 10% to 25%.
Keep your eyes on the NASDAQ & the S&P500 over the next 2-3 trading days for an immediate tell on the current uptrends ability to continue. While it is possible that the market could snap right back and kite higher, additional technical damage like today’s market action would likely spark more selling, and that could quickly lead to a signal change to “red”. Stayed tuned and Have a Triumphant day! ®
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Where Are Woodward and Bernstein When We Need Them? This article was written by Newt
BLOG POST: Our Current Market Outlook is “Market in an Uptrend” and our light is “green.“
A poem about a modern day Pig in a Poke, being “woke” and going broke.
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