Smart Advice - NEXT WEEK - STAND ASIDE!!!!
This is just what I am doing and have done in positioning myself as of Friday. MAJOR on the sidelines, 98% cash!
And here is what Russell had to say on this Saturday!
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Conclusion and advice for next week: Last week we saw the bear "running wild." The market is oversold, but it's not a classic major oversold. We're at the point where you can expect anything -- a short-covering rally, a teeth-rattling collapse, high volatility -- ANYTHING.
This is the ideal time to be on the sidelines just watching the show. To be in this market, whether on the long side or the short side, is now particularly dangerous.
Let me put it this way -- we're now facing an angry grizzly bear. We don't know whether he's ready to attack or ready to turn tail and run. Stand still, my friends -- don't move forward and don't back off. Your best strategy is -- do nothing.
-Russell, Dow Theory Letters
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And he is right, this is a risky market next week, daytrade some swings in a light fashion but not the market to go for the big kill. Let it play out, patience, let it confirm, then we take action.
Have a great Sunday all,
All the best
West |
