Volatility at it’s Best

Today the market opened and the DOW pushed up about 170 points with the S&P trading at 1968. By 11:15-11:30 the market started to sell off and actually went negative on the day. The S&Ps were trading at 1944 and then by mid afternoon the market rebounded up 120 points on the day and the NASDAQ inched out a small gain. This significant volatility tells me the market is trying to put in some type of a bottom. I see this backing and filling as a bottoming process. I am looking for a higher low in the equity market and am 75%-80% sure that the low of 15379 is in. I would like to see a pullback to the 15500-15900 range to make a higher low before we push up higher towards the end of the year. I am now looking at the November contract for oil. Today oil was up over 4.5%. I said I was looking to buy oil and oil stocks on a pullback into the 39-43 range. Twice it got down to the mid to low 43 level but never entered my range. I am still looking for this higher low in oil. Gold is showing a very overbought condition. Today gold was down 5.5-6. I am looking for a pullback in gold to make a higher low. If the 1144 level gets taken out on a daily basis I would get a buy signal on the daily charts. I would then be looking for a pullback to get long in gold and gold stocks.
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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.