I think the broader market triple digit sell off into the close today might be the beginning of the second half of the summer dip I projected about six weeks ago. I hope I’m wrong but I expect a wash out over the next few days. Prepare accordingly. Buckle up.
SPDR Dow Jones Industrial Average ETF (DIA) hourly
Sonos Inc (SONO) is up about 30% from my June 10th entry idea and nearing another level of resistance (see chart). Consider taking partial profits here. Please note the spike from August 7th to August 16th is almost exactly the length of the spike over the past two days…this is typically the measured length before a significant pullback.
Sonos Inc (SONO) daily
The Junior Gold Miners ETF (GDXJ) is up about 20% from my entry idea on July 1st. I recommended partial profits on July 29th and I think it is nearing another significant top and I expect a reversal lower when the broader market begins to ramp higher soon. Consider taking profits or legging out over the next week or two.
Market Vectors Junior Gold Miners ETF (GDXJ) daily
I’m still buying dips in GBTC, the Grayscale Bitcoin Trust.
Grayscale Bitcoin Trust (GBTC) daily
I might be totally wrong but…I expect big down days very, very soon…as soon as tomorrow. This will likely bring most everything down with it. I think this dump will be over quickly before reversing higher but it might get pretty ugly soon.
Remember, these are just my opinions.
Fasten tight,
Don