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Continue Caution
It has been quite a week. The most volatility in a long time—mostly to the downside. Stocks look oversold, short term, but downside momentum is too forceful to fight. Oversold sometimes gets even more oversold. At some point, there will be a good bounce, but timing that right will be the challenge. For the week ahead, I am willing to play both sides for the short intraday swings, of which there could be several in a day. Play, but play very cautiously. And with tight stops. I am NOT willing to take ANY overnight risk at this time. I don’t need the kinds of opening gaps we have been seeing going against me. I go home flat, and I sleep like a baby. Have a good weekend.
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