Last Monday (28th July) I gave a clear warning that the markets looked fragile and that this was a time to be cautious.
I know many seasoned OVI traders took heed and tightened their stops, noting my tone was more wary than normal. I’m not a ‘perma-bear’ type, and when I make the point that I’m not happy with the markets you do want to take that into account and protect your positions.
At the end of this note under the video I’ll also give you the link to last Monday’s webinar, for which unusually, I gave everyone an invitation to, not just OVI Traders Club members. There was a reason for this.
Today’s market update video is longer than usual. Last week the markets made a nasty retracement, particularly Thursday, which continued into Friday before many issues finished the day with Doji type bars.
Ordinarily these Doji bars could signify a quick reversal back up, and hopefully they will again this time. But I’m cautious for the medium term. If these Dojis do reverse then I’m beginning to think this bull market could be on borrowed time before a more severe downturn later in the fall (autumn). The question will be whether and by how much the market could possibly take out the recent highs. There’s no guarantee of it being able to do so, and even if it does it may not be by much or by long.
So please be cautious at this time. I don’t like to micro-manage the markets, but I will be in regular contact.
Follow the link here for last Monday’s webinar recording.