Dealing with the Oversold Condition

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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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.