Market Update (Submitted by The Market Vigilante )
We left off waiting to see what was going to happen this week. Monday was very quiet and not much was going on (everyone must have been watching the eclipse).
Today was a different story. Stocks are looking like another BTFD opportunity. However I have a number of proprietary oscillators that are advising strong caution here. In addition, the Russell (IWM) and the Transportation Index ($DJT) remain at or below the daily 200 period moving average. Bitcoin too, refuses to give up and appears to be consolidating at record highs (looking for another break higher?).
Today Provident crashed in the UK. It is still undetermined if this will be limited to Provident or if there is systemic risk that will affect other financial institutions (we should not assume it won't). Strong caution is advised until this plays out.
In addition, there is an opportunity to violence to break out at the Phoenix rally with Trump (and Pence) scheduled to attend. If AntiFa decides to show, then we can expect them to seize on yet another opportunity to use violence. As long as AntiFa is able to use violence and the MSM turns a blind eye to what is going on, then we can expect things to get worse before they get better. It is a very dangerous time for President Trump to be attending rallies in a nation as politically charged and so much social unrest.
If this is another BTFD opportunity (brought to you by central banks), then it would be a good idea to have some confirmation. There is too much risk out there right now.
Act accordingly,
The Market Vigilante
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Great summary, thanks man.
Welcome to Steemit brother!