Market Outlook:

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

Last week I said I expected some kind of pause or pullback. We got exactly that, and while that may be welcome to long players, there is no sign yet of a convincing bounceback. In other words, there looks like being no quick fix for this market.  

That hasn’t prevented us from finding and playing opportunities, but it’s not an easy dollar market.  

Watch the video at the end of this article for more detail.

Market Timers:

• Longer Term Market Timer (OVIsi):
  Half green.
• Medium Term Swing Timer:
  Bearish and slightly oversold.
• The Main Indices:
  All the indices have red OVIs apart from the QQQ’s which is neutral.

Stock Selection:

As with last week, this week I’m looking in both directions again with a big emphasis on at least four Big Money Footprints on display. It remains a challenging market with lots of news-inspired whipsaw potential, but if you manage your trades strictly according to our Trade Plan (our third Master Key), then the last two weeks have demonstrated that you can still squeeze profits from the best OVI setups near Key Levels.

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.

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Video Length: 00:47:55

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Remember, you can play the video at 1.25x or 1.5x speed if you want to save time! I have placed all the stocks covered in today’s review in your “Latest Preview” watch list.

More By This Author:

One Week Is Currently Like A Decade In These Markets
Short Term Relief Likely
Friday Blues Turning Market Red