Morning Market Thoughts

by DAN Good morning.

Today is a big day. The solar eclipse is happening for the first time in 99 years. So, for most of us, this means that it’s a lifetime opportunity to see the moon block out the sun. No matter how interesting the market is today, I’d suggest that you at least go outside for a second and check it out — just don’t look too long or else your eyes will suffer irreparable damage. Last night I read an article with a pretty funny thread of comments at the bottom. A couple of the most humorous was: “Can I just watch until I need glasses?” “I’m not worried. I have eyes in the back of my head.”

Anyway, check it out. You’ll never have a chance to take a selfie with the moon and the sun behind you again.

As for the markets, we’re up just a bit, though nothing to get excited about. (Actually, we’re opening about flat). As noted over the weekend, the market is deeply oversold. And deeply oversold markets can snap back with little warning. Overbought markets give you a bit more warning — but they give you about 80 false signals before they actually do roll over.

I continue to see this market as being “heavy”. It is under pressure with a lot more supply than you might think. Seems like each time equities open higher, many traders get sucked in as they rush to avoid missing the opportunity to buy at the bottom. But that approach stopped working a while ago, so don’t be one of those traders. The broader market flashed a “sell signal” a few weeks ago. Pulling back when you see a sell signal is the only thing to do. If you keep plowing ahead as if it didn’t exist, your money will disappear…as if it didn’t exist.

I’ll be in the forum all day, so pop in and ask any questions you have (for me, or anyone else).

Also, we’ll be holding a training session sometime this week. Gary will get the info out to you soon.

Dan

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