The Stock market continues to confound the masses as it vacillates between support and resistance levels that have been in place for what seems like forever. I believe that the market's days are numbered and I'm willing to place a calculated bet here that the so-called "January Effect" is going to resemble the same effect that many experienced on New Year's Day. Can you spell "HANGOVER"? Yesterday's rally was way overdone and came on the assumption that the FED is close to done regarding interest rates hikes. WHO CARES?
I'm placing my bets early today. I'm already SHORT March Dow futures from 10880. I'm not interested in placing a protective stop just yet but I'll monitor the day's trading and update the blog later. Let's see how this trade plays out.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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