by Jeff Pierce, Zentrader
Editor’s note: This was written last week.
On March 11th the Dow finally went bullish via my market timing signal, as it was the last of the markets I cover to switch. Let’s just say it barely had enough gas in the tank to push it green because Wednesday’s (March 13th) sell off flipped it back to bearish as of the close. Russia is sure doing a number on the markets with this push and pull action and I had a feeling (correctly) that Thursday was going to be no better with anxiety of weekend shenanigans that will likely keep traders on the sidelines. But Friday there was a recovery of sorts, at least for the Dow.
I try not to get to caught up with the macro events because 2 weeks from now we’ll likely look back and say “what was the big deal”, but it’s probably best not to be too invested right now, but pick off select long opportunities that may get caught in the downdraft of any selling. I say that buying stocks is the way to go for now because 2/3 markets remain bullish and I just don’t see enough reasons to short right now. I personally added two new long positions today inside of tradewithZEN last Thursday some more on Friday seeing how I’m severely under-invested at this point as I let the markets trick me in February thinking that we were going to get more of a pullback than actually occurred.
So to recap my timing signal for Nadsaq and TSX are bullish, with the Dow bearish….like I said, a mixed bag of sorts.
