The DOW futures, which I have been SHORT since May, are starting off the month with sharp declines. If you've been monitoring this blog then you know that I warned that the DOW's retracement rally ended on Friday when the index broke through the 100-day MA on an intraday basis but ended the week below that level. I don't believe in trying to predict where the markets are going to be in the future but I have to admit that I believe the month of August will go down in the record books as one of the ugliest on record for the Stock Index futures. Let's just call it a hunch. So, stay SHORT and enjoy the ride to new cycle lows. There is a pot of gold at the end of this rainbow but only those traders who exercise patience will generate the maximum profit from this next leg down.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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