Professor’s Comments Update 9/5/19
Posted by OMS at September 5th, 2019
The Dow appears to be in the process of completing Wave ‘C’ up of a complex 3-3-5 or zig-zag pattern for Wave 2 up. The rally appears to be driven by news of a potential meeting on trade issues with China. However, just because a meeting is scheduled does not mean that the outcome will be positive. There are many other factors impacting the market at this time, most of which are negative. I still believe that once the current rally completes, the market will start a significant decline.
Today’s rally to 26,836 was a bit more than I expected, but Wave 2’s are notorious for exceeding upward expectations. The BLS will be releasing the results of the August Jobs Report tomorrow morning. The report could give the market a dose of reality.
BTW, the Model was stopped out of it position in UGL at today’s open.
For my own trading account, I just bought a few 18 October 270 Puts on DIA paying 6 bucks,. I like the Puts up to about 8.30.
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