If you were expecting stocks to just pick up where they left off (from last year), you probably lost some money in January. Subscribers, apologies for the slight reprieve I had to take. It is important that you take time away from the markets every once in a while, clear your head.
Now, markets were down another 300 points today on weak data (nothing major). However, the price action is what is really worrisome. These kinds of down days following up days combined with the fact that the 200 day mavg was broken on the Dow today (see below) is making me wait for clarity before adding to my position in UPRO.
As you know, I am pretty ambivalent when it comes to the direction of the markets; I don’t care which way it goes. I just need to make sure I have ample cash to buy the dips. With 40k now in UPRO, and 41k in cash, I am more than ready for this correction. You should be too if you follow me regularly. So, keep your powder dry and wait for the right time to buy. Regards.
BTW, the other stocks I own are just speculation ideas on the legalization of pot. They trade in a class of their own. Luckily for me, they have been working extremely well to start the year and have offset the weakness I am facing in UPRO. Today, I trimmed shares of HEMP (seen directly below)as it was up over 100%.