Hubert Senters here.
Let’s take a look at the markets. Obviously, we had one heck of the day today. You can see it’s still around here and down $1429 on the day that’s the Dow. Big Gang or not big gang — big loss of minus $5.6% of a decline.
Now, when we’re looking at indexes it’s always very important to gauge which one you think is the strongest and the weakest. I like doing it with the technical not just percentage gainers and losers so you can look here.
So in this situation we’ve been saying ‘’ all right if you want to short The Russells a little bit better to short now,’’ it’s only down $5.26 only down $81 points but it broke through the cloud so it’s structurally it’s a little bit weaker because it was performing less strong as we were going up.
The one that we want to stay away from was the Nasdaq even though, you know, it took about whipping today. Everything got smoke today as far as indexes go. This is what you want to look for when you’re looking for the sell signals.
And we were talking about this early last week and we said “look we’ve broke the yellow, we’re probably going to the purple one.’’ And I did not think we were going to go all the way down to the cloud though.
I did not think we were going to drop that fast. But when you drop through the purple and to the cloud and look that’s close and below the cloud.
So, that’s a significant sign of weakness. Is it just going to be a minor pullback or is this the thing of a massive pullback about to happen? Heads up nobody knows it. Well, I’m guessing.
But it’s closing down here below the cloud is not a good thing on the daily on the S&P also on the Dow. It goes back up in the cloud. But it did dip below the cloud.
The Russell — I mean think that smoke all the way down here and close below that one so I like that as a real cling short obviously. And then when you’re looking at the Nasdaq, the Nasdaq went to the cloud and bounced off.
I still think the Nasdaq is the strongest. All of them look terrible rot in hell because we’ve had one heck of a two day drop so be careful out there or you could just do what we’ve been doing. You could short the things and write them down and then cover them and re-establish the next day.
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As the market’s closing and go take a look at let me know what you think.
Good luck. Hope it helps. And I’ll see you on the next video.
Hubert.
