Take a look at he blog on the 18th of January and see what the signals were telling us to do. In case you have not seen the blog, here is an excerpt: (or go to the blog archive)
It pays to be patient
Over the past couple of months, we talked about how the market would eventually pick a direction, either up or down. This Friday, it looks like the market may have done just that. While we don’t know how long or far the market may drop, we must follow our rules. When the Wizard’s MarketTrends give us a direction, we must follow our strategies and take new trades – always in the direction of the trend, of course.
I believe the market will likely take out the lows it made back in November. But given the current environment, it’s possible that the market could fall as low as 5,000 or 6,000 on the Dow. Will this actually happen? Nobody knows, which is why it’s important to follow our MarketTrends signals -so that you’re positioned on the right side of the market, no matter what it does.
So what now?
Now is the time to do one of two things. We’ll explain both options in detail:
1. Look for short trades
2. Go to 100% cash.
Well the market can’t look much worse than it is at the present, but I think there is a lot more downside to come. We should not be taking any long trades at this point unless you have double greens. Then make sure the industry is with you in the long term or you should take a pass on the trade.
If you take any of the shorts that are double reds, I would make sure they are over $10.00 stocks or I would take a pass on the shorts. Shorting stocks over $20.00 would be much better.
We will find a bottom and when we do we will get a bounce. It has not happened yet and we will wait until the signal says to buy.
I am waitiing for some Weekly Pre-Buy signals in the ETF Bond Funds and also waiting for another entry into Gold. Other than the shorts in which you have positions , stay in cash and be patient.
Advanced Webinars
I am going to be announcing some Advance Webinars that I will be giving soon. I will show you how I break down the signals and what the sectors and industries are, that I am looking for during these times. There will be a charge for these seminars and they will be limited to 50 subsribers. There will be one on stocks and one on futures and forex.
Basic Webinars
In the meantime we are presenting the basics of the Wzard every Tuesday and Thursday evenings. There is no charge for the Basic Webinars. If you are new to the Wizard, the Basic Webinar is a good place to start. The Wizard has a lot of information that can be very beneficial to your trading and we will show you how to locate it. We will show you how to always stay in highly probable trades by following the trend.
If we can help you in any way please contact us through support that is located on the home page.
Gene Stunkel
Creator of the Wizard
If you enjoyed this article, please consider sharing it!
