Folks,
The market was signally to us to go long again for two days on 11/08, 11/09, when it passed the S&P 1260 mark. But it could not hold the level and went down to 1161 today. Until we revisit that CASH/EQUITY level, we should just do short term trading or do nothing. DJIA reaching down to 9600 is probable in the next 3 months.
More immediately the market is due for a oversold bounce, but the trend is down. For those investors holding stocks for days or weeks, this is not a good time to initiate new long position yet. Then I have been wrong many times before.
Happy Thanksgiving.
GC – Editor
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