Zacks’ Voice of the People Highlights user TheOnly1: “Today marks the turning point for the market.” from the People & Picks community.
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Today marks the turning point for the market.
The market has been on a steady march north for quite some time now. Today marks the end of that rally. The market has become super-inflated over the course of the last month and a half. This ride up cannot last, and will end as of today.
The market is going DOWN, DOWN, DOWN from here on out. I am expecting to see the market make a sharp fall downward as fear causes investors to take massive profits. By the end of next week, the Dow will drop to 10,800, and continue down to possibly below 10,000 over the course of the next month. However I believe the bottom will be around the 10,250 mark.
I have sold 75% of my long investments, and will pocket the profits. I will continue to hold North American Palladium (PAL), Ford (F) and Famous Dave’s (DAVE) long. I will be positioning 50% of my investing capital on short positions today and next week.
I would recommend that any trader who has made a profit over the last month and a half to take a minimum of a 50% of their money off the table on all long positions. Wait for the pullback, then reposition for the long haul. When the pullback is over, we will be on the march up to the 12,000 mark and beyond. GOOD LUCK traders, and keep us posted on your upcoming moves, everyone.
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