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Those are the words of a fund manager, so if you feel like these conditions have been challenging, you’re not alone!

In terms of market timing, the writing was on the wall by Monday’s low close in terms of my forecast of some possible relief. There was no relief.

One of the signals I have commented on recently is the paucity of Post earnings. Here’s what I said about that last week:

“Post earnings has been a damp squib, and that may play a part in evaluating the next few weeks.”

Market Outlook:

Our market commentary continues to be outstanding. Mastering market timing enables you to swim WITH the tide at the right time.

This is an undeniably nervous market, but our Medium Term Timer says it’s oversold right now.

It’s not often that I don’t give a definitive direction or market condition, but today is one of those rare occasions!

The OVI and Medium Term Timer suggests bearishness but also oversold. If and when there is a meaningful reversal day, then I could be more strident. For now I’m saying more information is required.

Market Timers:

• Longer Term Market Timer (OVIsi):
  Green.
• Medium Term Swing Timer:
  Bearish and oversold.
• The Main Indices:
  Only the DIA has a vaguely blue OVI. The other indices have red.

Stock Selection:

This week I’m looking in both directions, but it’s what they call a “low dollar market” in that general conditions aren’t easy and there aren’t many slam dunk no-brainer setups.

The key to consistency is to pick your playbook and stick to the best quality setups that conform to it. If the setups aren’t there, keep your powder dry for another time.

My playbook is OVI, near Key Levels, Shrinking Retracements, and a consolidation/sideways move.The other two Big Money Footprints are highly desirable but those four are essential to me! With my new VIP filters, I’m also now looking more at overbought and oversold issues.

Video Length: 00:48:12

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