Go Slow, Be Careful
After a reader comment yesterday, I wondered if I was overstating the need to “go slow” and “be cautious” in this market. The reader commented that we never have true certainty and I agree, however in the current market conditions we are seeing unusual volatility and I still believe that the majority of participants should be mainly in cash right now and only the most aggressive traders should be attempting to navigate these uncertain markets. If you are an aggressive trader, you know who you are. If you are “trying to do some daytrades” you will likely get crushed. The market is falling further as I write this with the QQQQ now at 48.35. Yesterday afternoon’s low of 48.40 will be important as a potential support area (although we’re below it now) as will the location of the rising 5 dma (near 48.04) and then the low from Tuesday (47.48). My advice in unchanged…go slow and be careful!
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