Continue to maintain a LONG/HOLD position if invested -OR- be in CASH if not.
2/6/2014 – Big day in the market with the Dow Jones up 188 points (+1.22%) and the Nasdaq up 46 points (1.14%).
The question on everyone’s mind is…..has the market bottomed? Is the correction over?
As of right now and based on my work I see very little evidence of that. Our primary points of force and their price targets remain intact (please see them below). At least for today. We might have to adjust those targets if we are to see strong follow through over the next few trading days, but that is still to be seen. The market opened up with a 60 point gap in the morning, giving us an early indication that it will turn around and go lower (in short order) to close the gap. Further, subsequent move lower to hit our points of force before any sustained bounce from the January-February sell off can take place is highly probable.
As such, our current position remains intact. If you are in CASH, maintain your cash position while waiting for a technical confirmation that the Bear market has started. Otherwise, maintain a long/hold position. The long-term trend is still intact and bullish.
Short-Term Projections:
As of today, I am not adjusting the points of force below. My mathematical work shows two points of force coming in February. Typically we should anticipate a turning point on such dates. (Would you like to see the exact points of force in both price and time? Please +Subscribe to our premium service above).
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Stock Market Update. InvestWithAlex.com February 6th, 2014 Google
