The pullback is here so now what do we do?
As you all know I have been predicting a pull back in stocks and last week I thought we’d have a small bounce higher before trending lower. Well we got our small bounce higher last week. Let’s take a look at the daily chart & the 60 min chart:
As I suspected we had the small bounce up to 1430 (I thought it would hit 1435) before presuming lower. It looks as if the market will continue to trend lower, but what do we do now?
My answer…… WAIT!
I’m not frantically logging into my brokerage accounts right now and selling my positions. I’m DEFINITELY not purchasing stocks here either. The election is two days away, there is no way for me to predict how the market will react to winner. So for now I’m still sitting on the sideline until I get a clear picture of where the market is going. I still think a drop in the S&P 500 down to 1320 is feasible, I will be looking to buy aggressively if we get there.
Here’s to our Wealth!