Loading ...Sept. Market (Update)
Here was the first paragraph from my Sept. 1st post. “My expected market action for September is as follows: I see stocks peaking today Sept 1. My preferred scenario is a sharp drop leading to a possible crash on Monday Sept. 11th. (I just bought calls on the SQQQ) If no crash in Sept. a steady decline culminating in a big decline in October would be the likely backup scenario.”
So it became fairly obvious we weren’t going to crash today unless something crazy happened over the weekend because Friday did not show panic selling like you get before a Monday crash. That moves us into my back up scenario described above from the earlier post. Given no economic info today and the AAPL event tomorrow, it looks like the stock market decline won’t resume until at least Wednesday. It looks like a more normal drawn out decline will take place over the rest of Sept. and into October. This strong bounce is a great opportunity if you didn’t get short the QQQ’s on Sept. 1st, to do so here. (This is not investment advice, just my opinion.)
Here is the TRILLION Dollar question. Does a market selloff bordering on a CRASH change the dynamic of where as stocks fall so do precious metals continue to do so as well, OR are we at the Inflexion Point where the reason for and the intensity of the selloff leads to the panic rush of fund flows into gold and silver? Is it a possible budget standoff leading to a shutdown, an impeachment inquiry, the complete collapse of three or four of The Magnificent Seven or all of the above? Stay tuned for the answers the market provides later today and throughout the rest of this week!