It seems the popular consensus is to eagerly buy today’s blood, but I would be cautious of that here. I’m down on a few positions just as many are coming into the day. June has not been my month, and I’m actually down for the month of June.
I will be using today & tomorrow, to toss out losing positions and reset as we head into the third quarter.
Sure, The PPT just flagged oversold for the first time today, and sure selling into the hole has never been a good thing, but I never like going with popular consensus.
The tweet below speaks to me. Sure we all knew about Greece, but…
It’s not about what we know, but what has yet to be found
— Dan Zanger (@DanZanger) June 29, 2015
Momentum cuts both ways, more selling will create forced selling, then panic. It’s very true that we could see fresh buying into the 1st day of the month this week, coupled with oversold signals. But, remember this game is about capital preservation. Trade accordingly.
SP / Dow neg for the year and I may get my buyable 6-8% correction, just like last Oct. Anyone trading the market the last few months is about to be taught a lesson.