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.
Previous articleDo You Come With Batteries Included?
Next articleWant Success? Conquer Your Fear.
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.