Yesterday was the Start of Something Serious
We have the benefit of being able to watch daily readership of the website. Yesterday was classic, viewership compared to average was down over two thirds, a telltale sign of a reaction to a big down-day after a sell recommendation. The opposite generally occurs when the market has a big up-day after a buy recommendation, daily viewership tends to rise two-thirds above average. Investors want to be optimistic.
It makes us wonder whether we are having any long-term impact on our readers trading strategy. There is no question that following recommendations on a market site that tends to be contrarian and early is a difficult task. The logical reader would probably be of a contrarian nature but how could a contrarian follow the recommendations of a contrarian, so this is not easy for any of you.
Nevertheless, while today will probably see a little rebound action in stocks, gold, and the dollar, the market is making a strategic play that I don’t think you want to ignore. A 20 percent drop in stock prices from the recent highs will get the pundits attention. Last night CNBC’s Cramer was ranting that the decline was because of the charts, ie. the market had been too high compared to moving averages, maybe, but the important thing is that he was not advising his viewers of the significance of the market change.
The EMA ETF Fund Nav was 1152 at yesterday’s close.
8:14 AM CDT
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