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WALL STREET CRAPS STOCK MARKET STRATEGY FEBRUARY 4, 2019

February 5th, 2019 Comments off

craps front coverSTOCK MARKET STRATEGY FOR FEBRUARY 4, 2019: The stock market has continued its strong, broad-based rally from the Christmas lows by going practically straight up. But now is the time for a correction of this rally (most likely starting after the State of the Union address Tuesday) and based on the momentum, I’d expect it to be more of a sideways, stalling decline than a steep drop which serves the purpose of chewing up time. But a good buying opportunity will likely arise from the next oversold reading.

Key underlying short-term timing indicators show the following:

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THE BOTTOM LINE: The market may be setting itself up for a decline starting after Trump gives his State of the Union speech. This correction may not amount to a lot of points to the downside, but I’d be a buyer on the next oversold bottom. I think that the December lows were an important pivot point for this market and a continuation of the Bull Market.