SCT Issue #250
The Dow Industrials and other major averages did not give monthly sell signals yesterday, but overall, they remain weak with new lows likely this month.
This morning, there is a sea of red in stock markets across the globe, and as I pen this issue (7:45 am EST) the Dow futures are down roughly 330-points, in what looks to probably be the beginning of a retest of the lows at the 15,373 level in the Dow.
Meanwhile, gold is starting to rally, as expected, and oil had a slingshot move higher yesterday on rumors that OPEC would cut production. Oil’s rally will fail and I will look to have you short it soon.
Without further delay, I have three recommendations for today.
The first is to take a very light long position in a mining share ETF, which should start to lift its head along with gold.
The second is to buy another volatility ETF to take advantage of what should be yet another wild week for stocks.
And third, I recommend cancelling your outstanding buy order for the ProShares UltraShort FTSE Europe (EPV), for now. I will look at another shorting opportunity for Europe via an ETF soon, so stay alert.
Please act on the below recommendations as soon as possible. Hold all other open positions (DXD, UNG and UGLD) – and their related protective sell stops and stay tuned.
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For ALL Members, For Each $25,000 You Are Trading: 1. Buy 100 shares of Direxion Daily Junior Gold Miners Bull ETF, symbol, JNUG, at $9.55 or better, good-till-cancelled. When filled, place a good-till-cancelled protective sell stop at $8.54. 2. Buy 50 shares of iPath S&P 500 VIX Short Term Futures ETN, symbol VXX, at $29.00 or better, good-till-cancelled. When filled, place a good-till-cancelled protective sell stop at $23.72. 3. CANCEL your open order to buy ProShares UltraShort FTSE Europe ETF, symbol EPV. |
Best wishes,
Larry
