If you have been disciplined, you should have a large amount of cash available in your account to take advantage of the panic in the market right now. This mornings weakness could be the retest that flushes the short term fear out of the market. There is still zero technical evidence that the market is ready to turn, but I am keeping an eye on a potential entry level for a push higher. I will once again caution that only the most aggressive and disciplined traders should attempt trading in these conditions, if that is you, good luck today!
Tim Knight is smarter than your average bear. His SLOPE OF HOPE site is worth keeping an eye on for bearish ideas. I know my timing on this link isn’t the best, I should have mentioned it over a week ago, but bearish advice will be timely again in the near future. Bull markets climb a wall of worry and bear markets slide down a slope of hope.
For the more conservative crowd, the stock on WALLSTRIP today is Plum Creek Timber (PCL) and it pays a 4.4% dividend yield. View the video below to see if I think it is worth purchasing the stock for the dividend.