Long Term Investors I Would Look to Sell 17800-18400

Yesterday the DOW closed down 78 points and I stated I was looking for the market to pull in and get to an oversold condition sometime this week. I would then be looking for a pushup in the market before making a series of higher lows into the end of the year. Today the market was very strong across the board. The NASDAQ was strong and the overall market had a great tone. The weak ISM number caused a bit of choppiness before the market drifted higher into the afternoon, closing up 168 points. The advance decline was 2:1 positive throughout the day, even when the market was choppy. The pattern has not completed, but hopefully between now and Thursday we get this pullback and the pattern sets up on the daily chart. If I was a long term investor I would be looking to sell in the 17800-18400 range. I would be looking to scale out at 3-4 different price points within that range. Yesterday I stated that I had a buy signal for oil on the eight hour chart. I stated I would look to buy oil in the 40.40-41.40 with a 39.90 stop off of the eight hour chart. Oil traded down to 41.16 before shooting up above the 42 level. Once oil pushed up above the 42 level I sent out a tweet saying that if one did buy oil below the 41.40 level that I would look to sell. You can follow me on twitter at “@stevekalayjian”. Oil closed around the 41.80 level today. I would look to take profits in oil. Oil could push higher but we have an oil inventory number coming out Wednesday which I would look to be flat going into. Gold was up very small today. If gold gets into the 1045-1055 range I would look to buy gold with a 1038 stop. Gold is very oversold and is trying to do whatever it can to lift its head above water. There are no clear patterns in gold, however I would look to buy gold in a range against the big 1040 number.
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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.