Volatility Here to Stay

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There was a major reversal today, the DOW was up 170 points and then closed down 239 points. The S&P got down to 1935.5 before rallying 7 handles toward the end of the day. If we have a couple more days of declines I will be looking for stocks with an oversold condition. I believe there is a 60% chance the gap in the 15500-15800 will be filled and 75%-80% chance that the low of 15379 will hold for the year. If we do get a pullback and make a higher low, that should hold through the end of the year. I am looking for oil to pull into the 39-43 range. When oil was trading around the 38.81 level SN (Sanchez Energy) got down into the 4.40-4.50 range and VNR (Vanguard Natural Resources) got down to the 6.40 range. I would be looking to buy SN in the 4.50-5 range with a 3.80 stop. If VNR gets down to the 5.80-6.80 range I would be looking to buy with a 5.00 stop. I am bearish oil long term but I do think oil will make a higher low to set up a nice trade in the next couple months. I said I would be looking to get out of gold and gold stocks in the 1150-1160 range. Gold got up to 1147 and then today traded down to 1100. I see gold in a range of 1071-1180. I don’t see anything going on in gold and I think it is dead money for the rest of the year.
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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.