BROAD STOCK MARKET TRADE ALERT (3:15 pm EST)
Early day rallying made it look like the DOW was going to to take a stab at clearing that 24,750 level today, but as we approach the closing bell, the broad stock market seems to be losing momentum quickly. It's time to unload our long positions in this market. Markets are closed tomorrow and open only to 1 pm EST on Friday so it seems unlikely we will close the week above that 24,750 level. If the Oct. 29 lows in the S&P 500 and/or the DOW hold, we may jump back in over the next week or two, but for now we need to be safe on the sidelines. Selling my long position in the broad stock market now.
Traders who don't sell today should attempt to unload their long positions on Friday before 1 pm EST (unless the market rallies strongly and the DOW closes above 24,750 - if that happens, I would stay long).
Early day rallying made it look like the DOW was going to to take a stab at clearing that 24,750 level today, but as we approach the closing bell, the broad stock market seems to be losing momentum quickly. It's time to unload our long positions in this market. Markets are closed tomorrow and open only to 1 pm EST on Friday so it seems unlikely we will close the week above that 24,750 level. If the Oct. 29 lows in the S&P 500 and/or the DOW hold, we may jump back in over the next week or two, but for now we need to be safe on the sidelines. Selling my long position in the broad stock market now.
Traders who don't sell today should attempt to unload their long positions on Friday before 1 pm EST (unless the market rallies strongly and the DOW closes above 24,750 - if that happens, I would stay long).
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