DPR Action: Cancel previous order, no new order for the time being
It might not be PC to relay the expression, “Dodging a bullet”, given the craziness of what is going on in the world right now, but I can’t think of a better way to describe what happened today in the Nasdaq. Mario Draghi of the ECB started things of by commenting that they are looking to wind down the balance sheet. This caused quite the stir in the bond market in particular. With the effects spilling into stocks and the indexes.
This does feel like a pullback, and it is overdue. I was hoping not to even get a buy signal until some decent selling started, and I am glad to cancel the previous one unfilled. Now I expect some more selling into the end of the week with some short covering on Friday. That’s my prediction for what it is worth…which ain’t much by the way LOL!
Anyway, no trade, no loss and opportunity beckons for the patient.
Bring on the bears!