The Ps continued their slide but with less vigor. They lost just over 1/3 %. The good news is that they stopped promptly at support, circa 1775.
The Quack also ended lower but not by much. Markets sometimes implode on one day like the sky is falling and then the next day have a shoulder shrug. So, is the slide one and done? I dunno. As usual, take things one day at a time. It too also stopped at support, in this case, circa 4,000.
The Rusty actually ended a tad higher.
One thing that does concern me is that in spite of the market being generally soft, Bonds, Silver, and Gold all ended lower. This suggests that there is some liquidation taking place and no flight to safety. See Thursday’s baby with the bathwater comments.
The market feels a little sold out in here. I see futures are strong so it does look like we’ll see a bounce, at least on the open.
So what do we do? Again and as usual, take things one day at a time. The market had a really ugly day on Wednesday and then was generally soft but did stabilize on Thursday. Continue to be very selective on new trades. I just fielded an email from a client who told me that they liked a certain stock but went on to say that it does have some issues. You should have no “buts” based on current conditions. You need to be in the best of the best setups. As yourself, is the setup really that great? Yes? Then take it. Otherwise, pass and let things shake out. Regardless of what you do—warning, sermon ahead-make sure you want for entries and honor your stops once triggered.
Best of luck with your trading today!
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