Profit Taking Underway...
Following up from the dangerous signal that I mentioned in my report to paid subscribers yesterday morning, the US market ended its 9 days winning streak as predicted and closed negative. Here was what I said:
"There are 2 things I don't like about what I saw....bond yields jumped too much for a day...This kind of candle forming at new highs usually marks a short term peak...As such, I continue to think that we should see some profit taking from this point forward."
(I only post my reports publicly every other day and send the days in between only to paid subscribers through email. If you wish to receive today's report, please subscribe by hitting the yellow subscribe button on the right below my profile photo now!)
And right on the dot, the US market took profit and sold off yesterday!
So far, the profit taking looked very healthy. A good average negative day with no surprising volume. There was also no exuberance detected on both the bond yields and the total equities put call ratio. All in all, it was a very healthy negative day that doesn't look insensible or overdone. As such, I won't be surprised to see this profit taking go into Friday today.
However, like I have said before, I do not expect this profit taking to turn into some kind of market crash. In fact, I don't even expect it to turn into an intermediate correction. So far, every continues to point towards just a few days correction before the rally resumes.
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For now, the market remains in all out bull trend.
"There are 2 things I don't like about what I saw....bond yields jumped too much for a day...This kind of candle forming at new highs usually marks a short term peak...As such, I continue to think that we should see some profit taking from this point forward."
(I only post my reports publicly every other day and send the days in between only to paid subscribers through email. If you wish to receive today's report, please subscribe by hitting the yellow subscribe button on the right below my profile photo now!)
And right on the dot, the US market took profit and sold off yesterday!
So far, the profit taking looked very healthy. A good average negative day with no surprising volume. There was also no exuberance detected on both the bond yields and the total equities put call ratio. All in all, it was a very healthy negative day that doesn't look insensible or overdone. As such, I won't be surprised to see this profit taking go into Friday today.
However, like I have said before, I do not expect this profit taking to turn into some kind of market crash. In fact, I don't even expect it to turn into an intermediate correction. So far, every continues to point towards just a few days correction before the rally resumes.
Wanna learn how to take advantage of this rally? Join my personal 1 to 1 Star Trading System training now especially now that our End of Summer 50% discount sale is on! Click here to check it out now!
For now, the market remains in all out bull trend.
posted by Jason Ng at 3:54 AM
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