I Would Take Profits in QQQ SPY SSO and MSFT

On Friday I stated that the market was extremely oversold and that I was looking to buy QQQ, SSO, SPY, and MSFT. The NASDAQ has been leading the market on the move back up since the massive declines. The NASDAQ has been outperforming the DOW, S&P 500, and the Russell 2000. I liked the QQQ (ETF which mirrors the NASDAQ) for these reasons. On Monday we opened up higher before drifting lower. The DOW traded down to 10728 and has rallied over 500 points since. We had the extremely oversold condition on the daily charts while the weekly charts were positive. The market was getting oversold in a significant uptrend. I would be looking to take money off the table in QQQ, SSO, SPY, and MSFT. QQQ and SSO rallied more than $4, SPY rallied more than $6, and MSFT rallied more than $1. Currently on the daily chart SPY is 15 cents away from going positive. If that happens I would have a massive buy signal in the market and I would be looking for a pullback. I expect the market to make a series of higher lows (2-3) going into the end of the year. I will see if I get that buy signal tomorrow. Even if I do get this buy signal it is good to take money off the table. One can always look to reenter long positions on another pullback. I do not believe that the low we had on Monday will be penetrated. Today gold traded down to new lows for the year around the 1065 level. 2-3 weeks ago when gold traded up above the 1185 level I stated that if I was a long term investor I would be looking to get out of all gold positions. I had a big sell signal on the weekly chart. Once I got the sell signal on the daily chart which lined up with the weekly chart I was looking for a bounce in gold which never occured. The unemployment number came out and gold shot down through the 1100 level. I am now looking for a bounce in gold to set up a nice pattern where I would look to go short. When oil closed below the 41.74 level on Friday I got a sell signal on the weekly chart. I had a sell signal on both the daily and weekly chart and I was looking for a rally in oil. I did not get the rally I thought, oil got up to 42.05. I stated that I thought oil could trade into the 35-40 range if I got the sell signal on the weekly chart. Oil traded down to 39.91 today and traded as high as 40.85. I am bearish here on oil. There is no reason for oil to be bought here. I am looking for a bounce in oil where I would look to go short as I have a sell signal on both the daily and weekly charts.
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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.