Dealing with the Oversold Condition

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January 21, 2015 – Since January the Dow Jones Industrial Average has had triple digit gains and losses, 8 out of the 12 trading days. This is the year of volatility. As of yesterday the Dow Jones Industrial Average was up 94 points. By 1030AM it started to decline and at one point the Dow was down 140 points, before reversing and closing positive on the day closing up 3. The market is currently trying to work off this oversold condition. The Dow could get somewhere between the $17600 and $17800 and if you are a long term investor now is the time to sell. The financial stocks are weak which again makes it difficult for the market to go up when the financials are lagging. Yesterday, Morgan Stanley reported disappointing earnings and gold is in an up-trend. Steve was looking for a pullback on Gold, he thought that maybe the $12.15 – $12.20 mark was a good target, but after review the target has to be raised to $12.30 and $12.40 range. At that point Steve would be a buyer of gold. Oil is still stuck in the $44 to $49 range. If there is a bounce in the market while working with the current oversold condition, Steve would be a seller into equities. With an issue in the financials the market will see some pushback going forward. Tune in tomorrow for more market facts.
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CEO of Cardone Enterprises, Cardone Capital, international speaker, entrepreneur, and author of The 10X Rule & creator of 21 bestselling business programs, Grant Cardone owns & operates seven privately held companies and a $5.2 billion portfolio of multifamily properties. Named the #1 marketer by Forbes Magazine, Cardone is also the founder of The 10X Movement & The 10X Growth Conference, the world’s largest business & entrepreneur conference.

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