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WALL STREET CRAPS STOCK MARKET STRATEGY NOVEMBER 10, 2018

November 10th, 2018

craps front coverSTOCK MARKET STRATEGY FOR NOVEMBER 10, 2018: The stock market made a huge upside move in response to the election results on Wednesday. The question is whether that move signified a breakout to a new highs or a last grasp top for the latest bounce. Since this is anyone’s guess, the next entry point would likely be an oversold condition in the majority of breadth indicators. But a strong move down from here and a resumption of October’s down move would certainly change the character of the market again. This is a time for caution, as well as a time for opportunity for those willing to accept the risks and stomach the volatility.

Key underlying short-term timing indicators show the following:

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THE BOTTOM LINE: The Fear/Greed Index is currently reading 18 or “Extreme Fear.” While this is still in the “Extreme Fear” category, it is far off of the lows from the previous two weeks. This might suggest that the market is simply retracing its strong move up with a chance of forming another pivot bottom in about 5-10 trading days. So be alert and ready to act on a brief buying opportunity ahead.

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