Today’s broadcast is coming a couple of days early because my normal recording facilities may be compromised this weekend.
In my previous post I made a prediction for whipsaws …
The S&P index alone duly produced five whipsaws in the following six days!
Even better than that, our Medium-Term Market Timer showed oversold as the index was bouncing on its 50-dma, and that has proved to be as excellent as ever, though the final upsurge was a gap-up this Tuesday, and therefore not the easiest to catch with a controlled entry trade.
But yet again, it does show the power of this excellent indicator. Remember, the oversold reading is the optimal signal with this timing indicator.
And soon we will be deploying our Short-Term S&P Market Timer, which is a totally independent signal to trade the SPY, UPRO, S&P futures, whatever your preference is for that index. More may well follow after that.
Since early November I had repeatedly mentioned that the S&P was overbought, and to be careful about buying overbought stocks in overbought market conditions. That too proved to be uncanny guidance.
We now have the tools to recognize these conditions from an empirical basis, and you’ll save yourself much pain if you use these Timing tools and follow my commentaries on them.
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So, last weekend we held the Strategies Day of the WiseTraders Summit … live in person for the first time in two years!
It was great to see you all in person again … I think it makes a big difference. And while it’s much easier to hold the entire event remotely like a webinar, it’s much more fun to hold it in front of a live crowd and broadcast it like that.
Fingers crossed we’ll be live in person in Miami too, on April 23-24 for my OptionEasy Bootcamp. This is a wonderful event to be part of, whether remotely or in person. Of course, in person it’s also a lot of fun, with that added bonus of the social aspect right in the heart of Miami’s art deco district, right on the beach!
Market Outlook:
It looks like an end-of-year market rally is possible, but please wait for low-risk setups as there is likely to be continued gapping type of behavior.
Stock Selection:
Look for consolidations and clean setups that are easy on the eye. There will be lots of movement, but much of it will be more suited to intraday trading. Today the clean and safe setups are rather scarce, but that’s fine. You should be fine with being able to watch and wait for a ‘Triple A’ setup.
Application:
Today I’ve used various bullish and bearish Fast Filters, and using the new software the time taken has been dramatically reduced. This means I can view more charts if I wish, and be even more discerning.
Software Upgrades
The new Watchlist/Charts/Profile/Journal app is still out in Beta for VIP members, and we’re ploughing through all the fixes to make it run optimally. I’ll give another update on this next week.
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Remember, you can play the video at 1.25x or 1.5x speed to whizz through it faster if you like! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.