Once again, we got the market direction right (though low conviction proved overly conservative!).
This is why I’m including our Market Timing service (OVI Markets Daily) with our Stocks Summit VIP membership. That’s a $2,364 bonus… for FREE. Crazy value, but Market Timing is one of our three Master Keys of Trading, and I know you’ll be a much better trader with this included.
Follow this link for details.
Now for the markets…
Last weekend I called bearish albeit with low conviction, which looked spot on until Wednesday when the bottom fell out of the market.
But in any case, the direction was perfect!
Watch the video at the bottom of this email to see why I felt bearish was the most likely direction.
Regardless of the overall confidence of market conditions (in either direction) you’ll always benefit from being fussy and focusing on clear Big Money Footprints near Key Levels.
The market is now short-term oversold, so I wouldn’t be chasing it down just yet until it rests for a few bars.
Watch the video at the foot of this email for more detail.
The Main Indices
The S&P and QQQ are between their 50- and 200-dma’s, while the DIA is close to its 200-dma and the IWM has dropped well below its 200-dma.
There’s scope for the QQQ and SPY to drop further, but as I mentioned earlier, I’d like to see the rest for a few bars first.
Longer Term Market Timer (OVIs): Half-green and likely to change easily during the coming weeks.
Medium Term Swing Timer: Bearish and oversold.
Index OVIs: The index OVIs are all solidly in red territory.
Fast Filters Stock Selection
Again, we’ll be light on nuggets this week, so focus on those high-quality setups near Key Levels.
Of all the Big Money Footprints, the most important are OVI, Shrinking Retracements, and Key Levels. The others are also very helpful, but those three are the ones I look for first.
Also, this week I’m going to show you the power of combining a momentum bar with the Big Money Footprints. VIP members can use this filter, and today I’ll show you how.
Here is a smaller list of stocks that look interesting for our consideration. Very soon I will only post this in our new Expert Watchlists area, so you’ll have to log in to see it. Market Timing will also go inside a login soon. Remember to reference the video so you know what my sentiment is on each stock listed:
ABBV ADM AI AKRO AMZN ARKK BLDR CARR CHD CHTR COSM HAL KHC MOV MRCY OMF PERI ROL SYF TEX TSLA TWLO WM ZG
Our Stocks Summit in London on 2nd December will be the most practical ever, and with the most bonuses ever.
Each session will have a practical exercise for you to complete, so you can build your confidence in finding the exact type of setup you want to focus on. These practicals will include Market Timing and specific stock strategies and will only take 15-minutes for you to complete. This will give you the confidence to use our tools to their maximum potential while saving you huge amounts of time.
We’ll have the Foundation Day online the Saturday before the big event so we can focus on more of these practicals during the event
Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.
The post A wounded bull appeared first on Bet Chat.