Searching for a Bottom

We saw very heavy selling this morning in the S&P futures. When the market opened at 9:30 we saw very heavy selling in the equity market and at one point the DOW was down over 270 points. By 1-1:30 we saw a rally coming way off the lows and the DOW closed at 16300, down 170 points. I am 75%-80% confident that the low of 15379 is it for the year. I am looking for a pullback to make a higher low in the 15500-15900 range where two gaps in the market should get filled. Then I expect to trade higher into the end of the year and erase a lot of the losses for the year. The November crude oil contract traded down to 43.99 a few days ago. I have given up on the pullback I was looking for into the 39-43 range. It is now trading after hours in the 46 range. I would cancel my orders in oil, SN (Sanchez Energy), and VNR (Vanguard Natural Resources). I am now just watching oil and staying on the sidelines until I see a great pattern. Last night I said I thought gold was significantly overbought on the daily charts. Gold was down over $10 today trading around 1123. This print low for the year is 1071. I do think we will get a higher low in gold. If gold takes out the 1144 level on a daily basis I would get a buy signal on my daily charts and I would be looking for a pullback for an opportunity to go long.
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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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