US Market Reverses Out Of Intermediate Correction!
Over the past two days, the US market did a surprise reversal out of the intermediate correction on news that North Korea has halted its plan to shoot at Guam. This is the kind of news that awakened investors, turning the market around. Here was what I told paid subscribers in yesterday's report:
"... so strongly that the reversal yesterday is that kind that once again, like back in November 2016 when Trump got elected, the intermediate correction has come to a screeching halt, broke its pattern and it is my opinion that it has been reversed..."
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In fact, on Monday midday, when I heard the news and saw investors reacting to it strongly, I knew the dynamics behind the intermediate correction is all but reversed and it is time to accumulate ahead of where I expected to around the 30MA line. My Master's Stock Options Picks Subscribers and I resolutely took call options positions on the QQQ on Monday and am now sitting on some profit. This is how quickly real traders need to identify and react to changes in the stock market and in one's outlook. (did you miss making money YET AGAIN? Come on, quit short changing yourself and join me for just $1 today!)
In fact, I like how both the S&P500 and the Nasdaq 100 has reversed back up above their 30MAs from below it, technically completing a short term pullback the kind we saw back in June. As such, calling this a reversal isn't really that far fetched since the bulk of the market as indicated by the S&P500 has already retested and rebounded from the 30MA even though Dow's 30 stocks hadn't.
The move these two days were also supported by a continued rise in bond yields as investors continue to join in the party and leaving the safety of bonds. All in all, I think this is a great time to start layering in longs, not 100% in yet, but slowly, step by step in case the intermediate correction isn't done yet. Again, if you don't know how to do so yourself, let me tell you how to do it for just $1!
For now, the market remains in short term neutral trend within an intermediate neutral trend and primary bull trend.
"... so strongly that the reversal yesterday is that kind that once again, like back in November 2016 when Trump got elected, the intermediate correction has come to a screeching halt, broke its pattern and it is my opinion that it has been reversed..."
(Do you wish to be on the paid subscriber email list? Subscribe by hitting the yellow button on the right below my profile photo)
In fact, on Monday midday, when I heard the news and saw investors reacting to it strongly, I knew the dynamics behind the intermediate correction is all but reversed and it is time to accumulate ahead of where I expected to around the 30MA line. My Master's Stock Options Picks Subscribers and I resolutely took call options positions on the QQQ on Monday and am now sitting on some profit. This is how quickly real traders need to identify and react to changes in the stock market and in one's outlook. (did you miss making money YET AGAIN? Come on, quit short changing yourself and join me for just $1 today!)
In fact, I like how both the S&P500 and the Nasdaq 100 has reversed back up above their 30MAs from below it, technically completing a short term pullback the kind we saw back in June. As such, calling this a reversal isn't really that far fetched since the bulk of the market as indicated by the S&P500 has already retested and rebounded from the 30MA even though Dow's 30 stocks hadn't.
The move these two days were also supported by a continued rise in bond yields as investors continue to join in the party and leaving the safety of bonds. All in all, I think this is a great time to start layering in longs, not 100% in yet, but slowly, step by step in case the intermediate correction isn't done yet. Again, if you don't know how to do so yourself, let me tell you how to do it for just $1!
For now, the market remains in short term neutral trend within an intermediate neutral trend and primary bull trend.
posted by Jason Ng at 3:02 AM
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