Hello MarketClub members everywhere. I am sticking out my neck today and calling today's overnight rally a "dead cat bounce." This type of rally is not a reversal, it is more of a correction for a very oversold condition in the equity markets. If we have any cat lovers out there my apologies go to you, but I have to admit I do love the expression "dead cat bounce." I'm not sure where the expression came from, but it seems to fit the markets perfectly. Indices & Stocks: Make no mistake about it, the dramatic Brexit slide in the markets worldwide has had a profound effect both technically and psychologically on the markets. The major indices and many stocks appear to have put in tops that are capable of moving to some of the Fibonacci levels I outlined in yesterday's video. Gold (FOREX:XAUUSDO): The gold market which has been on a tear in 2016 is having a bit of a pullback this morning. I think that the $1300 level should act as great support for this market. I would use that level in conjunction with the Trade Triangles and the 50% RSI line as an area to be a buyer if you're not already long gold. Gold still has a long way to go on the upside in my opinion. Crude Oil (NYMEX:CL.Q16.E): The crude oil market has been on the defensive in the intermediate-term. However, the longer-term pattern for crude remains positive. In today's video, I will show you a very important single technical element that began in January 2016 and remains in place today for this market. Brexit: While England and the rest of the world are still trying to figure out the effects of England leaving the EU it has sparked a fairly lively debate on our blog that you may enjoy participating in or reading. The ramifications of England's move out of the EU cannot fully be understood in the short-term. I expect that in the weeks and months ahead after some of the dust has settled we will see more clarification on this historic move. When the world is going crazy and you can stay calm and rational you can make a fortune. The key here is not to get caught up in the hysteria of the moment, but to remain calm, cool and collected. One of the easiest ways to do that, in my opinion, is just look at the Trade Triangles, which are totally cold and calculated and don't give a hoot about the EU, the Middle East or China. The only thing that they do and do well is tell you which way the markets are heading.
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