I believe the market gave me a gift yesterday as GLD, SLV, and the QID all pulled back to support areas. I took this opportunity to add on to GLD and SLV, and initiate a position in QID. Surges, like yesterday’s, are common in bear markets; and usually amount to “fakeouts” before continuing lower. BUT, one must always be on guard as new rally’s start when least expected.
The markets went on crash alert yesterday as the DOW breached Nov lows. The NASDAQ seems to be tracking the same stair step pattern of the 2000-2002 dot com crash. Is this a guarantee that our current market will take the next step down? Absolutely not! Does this mean that the market is more likely to go down than up? it Absolutely!
The nice thing about disciplined investing is that it protects you. Kudos to Investors Business Daily (www.investors.com) and the Gil Morales report (www.gilmoreport.com) for successfully navigating me away from the financial tsunami and keeping my investment ship in calm, peaceful waters.
The indices are toying with previous lows. In this environment of continued forced selling (deleveraging), the markets will likely break these lows and begin another leg down
The flight to safely buy is Gold and Silver. Either the real stuff, or GLD and SLV, which are their tracking ETF’s. I was able to get into each in the Jan 28th pullback and both have been on a tear! If you’re game, wait for pullbacks into their support zones .
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