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In the last week very little has changed with regards to my
market outlook. I see no buying excitement and little stimulus for the market to
begin a strong move up. I remain bearish and believe there will be another leg
down before the next true Bull Run begins.
That said, the move down last week did cause a fair number of individual names
to become overly extended to the downside. One of the more reliable proprietary
indicators that my firm uses is suggesting a bounce is likely in the next few
days. Today’s attempt came up lame, but I’d still like to see a 2-3 day move up
before I would get overly aggressive taking on any new short positions.
In doing my research this weekend, I found more potential buy candidates than I
had in recent weeks. The choppy action of the market over the last several weeks
has given individual stocks time to do some base building. Most of the potential
intermediate-term opportunities remain in sectors like Oil & Gas, Chemicals, and
Metals. These are not ideal sectors to lead a new charge higher, but could
provide some worthwhile trades.
Cash and patience remain most traders’ best assets at the moment. Preserve your
capital and focus on opportunities with high risk/reward scenarios. If they’re
not readily available, watch and be ready to pounce when they are.
Best of luck with your trading,
Rob
For those who may be looking to expand their
knowledge beyond just market timing, my
Hanna ETF Money Flow System utilizes the VIX in generating trading
signals for spread trades.
Rob Hanna is the principal of a money management firm located in Massachusetts. He has spent the last several years developing and refining methods for trading in stocks across multiple time frames. He selects stocks using both fundamental and technical criteria, and then trades them using technical analysis techniques.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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