The stock market had its biggest weekly loss since the start of the year. The downward pressure on markets was the culmination of several factors to include rising bond yields, poor earnings results from several major companies as well as concerns regarding the impending selection of the new fed chairperson and concerns regarding tapering. In addition to these factors, there are also concerns regarding the unrest in Egypt.
$tockMarketDirection recently issued an ALERT advising that taking profits might be prudent at this time. If not taking profits, it is probably a good idea to tighten stops or hedge positions. Our proprietary indicator has not signaled a bearish posture yet. The factors influencing the market in the short term may result in increased volatility and possibly more bleeding on the tape. The operative term here is "may". Conversely, this could be a minor blip and the markets could possibly move higher off the pullback seen last week. Only time will tell.
Just a reminder that while we may anticipate a potential pullback, its important that follower/bloggers not jump the gun.While we may anticipate a pullback, its not prudent to trade on what you believe the market will do. Patience is a virtue, especially in trading/investing. We will issue an ALERT if there is a change in market posture.
$tockMarketDirection recently issued an ALERT advising that taking profits might be prudent at this time. If not taking profits, it is probably a good idea to tighten stops or hedge positions. Our proprietary indicator has not signaled a bearish posture yet. The factors influencing the market in the short term may result in increased volatility and possibly more bleeding on the tape. The operative term here is "may". Conversely, this could be a minor blip and the markets could possibly move higher off the pullback seen last week. Only time will tell.
Just a reminder that while we may anticipate a potential pullback, its important that follower/bloggers not jump the gun.While we may anticipate a pullback, its not prudent to trade on what you believe the market will do. Patience is a virtue, especially in trading/investing. We will issue an ALERT if there is a change in market posture.
Reports this week include: Existing Homes sales and FOMC minutes (8/21), Initial Claims (8/22) and New Homes Sales (8/23).
Some of the major earnings announcements on deck include: Dick's Sporting Goods, Big Lots, Barnes and Nobles, Home Depot, Lowe's, Target, Staples, Foot Locker, Toll Brother's, Citi Trends, and American Eagle Outfitters.
$tockMarketDirection is in a Bullish Posture. We strongly encourage our many bloggers/followers to monitor positions closely, exercise proper money management strategies and to monitor $tockMarketDirection for ALERTS that we may issue advising of a change in our current bullish posture. Cha-ching.
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