Time to take profits….the high of 1150.45 in the S&P
This is from the blog in September 20,2009.
This has been a longer than expected trend. It looks like the S&P will go to 1150 if the trend continues. That is my target. I am looking for the turn to take place some where between October the 9th and 12th. If it goes beyond the number or date, other factors, probably international or national are involved. As you know targets are not always hit, but it is good to have one.
Well, we hit the target and went to 1150.45 and backed off from it. That is how the markets react when they hit these targets. Many of you have seen that happen time and time again.
I am looking for the Wizard to tell us to go short soon. I think it is important for you to take profits if you haven’t done so. The target long term on the down side is 875.00 on the S&P once we get the Sell signal.
I was on the Gabriel Wisdom show on Business talk Network this week, and Gabriel asked me what I thought the market was going to do. I told him I do not predict the markets. What I did not get a chance to tell him was that the Wizard has targets as we demonstrate every day. I thought it would come a lot sooner than it did, but the Wizard is smarter than I am. Isn’t that the way it is with investing? Your emotions (or the news media) tell you something that you can’t use when making or managing a trade. One more time….let the Wizard tell you what to do and take your emotions and all of the other sources, out of it. Every trade will not be a winner, but you will wind up ahead in the end with more profitable trades.
If you are looking to get short, start looking at stocks over $20.00 with volume of 25 Million shares a week and double reds. The alternative to that is to take daily signals stocks over $20.00 with 2-5 Million shares a day.
Take a look at the sectors and you can see that short term arrows are red and all but four long term arrows have turned dark green. Dark Green means we are still in an up trend and it is telling us that we are in a consolidation, trading range, or that we are starting to change direction. With the way Washington is messing up everything they touch, the prospects of the market retreating are pretty good. But as I always say, we will react to the market and let it tell us what to do. We can always get back in the market if it takes off again.
If you have not signed up yet to be a part of theWizardNetwork.com you need to as soon as possible. We are getting ready to launch the Network real soon. Go to theWizardNetwork.com and register. Also you can check out the whole site. There is a lot of information about the WizardNetwork a video and my interview with Gabriel Wisdom.
There is a lot going on and I am way too busy, but I love it.
As always God’s blessings to all of you.
Gene Stunkel
Creator of the Wizard
