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A Stock Market Dip in the Offing?

By: Brad Gudgeon | Sunday, March 19, 2017

Right now, the coming dip could be a little scary, but shouldn’t amount to much, maybe around 4%. My guess is the first couple of days next week should see a sharp drop, but a buy the dip mentally and seasonal strength should prevail for now. The astros were ripe for a top around February 27-March 2. We have another even more complex period coming up March 31-April 15.  March 31 could be a top and then another secondary bottom around April 11-12 would be ideal. A sharp drop next week would produce a need for a momentum failure retest by around early/mid April.

S&P500 Daily Chart
Larger Image

GDX had us watching for a top on Tuesday and buying the dip late in the day (21.27) and early Wednesday. I had a target for Thursday around 23.42 and we tagged 23.45. My subs made a huge 23%+ on NUGT and even bigger on GDX calls. I am currently neutral on GDX, but bet higher highs are soon around the corner.

 


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Author: Brad Gudgeon

Brad Gudgeon
BluStar Market Timer
Blog
eaglesoveramerica.com

BluStar Market Timer Investment Philosophy: The stock market is currently in a technical Elliott Wave Bear Market Rally. It has been exhibiting A-B-C type waves instead of the normal 5 Waves since the market topped in 2000. According to "The Original Works of R.N. Elliott", we are due for a move down to about the S&P 500 442/443 area in the next few years. In my opinion, this is no longer a buy and hold market, but a traders' market. We mainly swing trade the market with funds and ETF's, but otherwise trade according to the market's disposition and to the traders' discretion. For the year 2014, BluStar Market Timer is rated #1 according to Timer Trac. http://www.blustarmarkettimer.info

Disclaimer: The information provided by the BluStar Market Timer is to be used for educational purposes only. We do not recommend the buying or selling of any securities, are not registered investment advisers and do not offer investment advice. Stock market investing is considered risky. Market timers can and do make mistakes. Past performance is never a guarantee of future performance.

Copyright © 2014-2017, Bradley Ray Gudgeon, BluStar Market Timer, Eagles Over America. All rights reserved.