Weak Forecast By LinkedIn Leads Massive Selloff in NASDAQ Composite

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U.S. Equity Markets I am currently on the sidelines in the U.S. equity markets. I have a sell signal on the weekly charts in the U.S. equity markets. I am looking for the U.S. equity markets to get to an extreme oversold condition where I would be looking to buy and then take advantage of a snapback rally. At 8:30am this morning the U.S. Department of Labor released the nonfarm payroll unemployment number for the month of January. New nonfarm payrolls increased by 151 thousand, less than the expected 188 thousand. The unemployment rate decreased from 5.0% to 4.9%. LNKD (LinkedIn) closed down 83.79 (43.58%) today at 108.49 after providing a much lower than expected 2016 first quarter earnings forecast. LNKD (LinkedIn) is a component of the NASDAQ Composite and led the massive selloff in the index. The NASDAQ Composite closed down 146.42 (3.25%) at 4363.14, the Dow Jones Industrial Average closed down 211.75 (1.29%) at 16,204.83, the S&P 500 closed down 35.43 (1.85%) at 1880.02, and the Russell-2000 closed down 28.08 (2.77%) at 986.71. Follow Steve on Twitter at @stevekalayjian Crude Oil I am currently on the sidelines in crude oil. The low in crude oil for 2016 is 27.56. I think there is a good chance crude oil will make a new low and possibly push down into the low 20 range. Crude oil was down 0.72 (2.27%) today, closing at 31.00. Follow Steve on Twitter at @stevekalayjian Gold I am currently on the sidelines in gold. Gold was up 16.60 (1.43%) today, closing at 1174.10 for the week. Gold is up 46.90 in only three days. With gold’s close above 1,131.30 I got a buy signal on the weekly chart. I now have a buy signal on both the daily and weekly charts for gold. I am now looking for a pullback in gold where I would be looking to buy gold futures as well as NEM (Newmont Mining), ABX (Barrick Gold), and GLD (Gold ETF). These stocks are now significantly overbought and are far above the 10 bar moving average on the daily charts. I am expecting a sharp pullback in these stocks sometime in the 5-10 business days to set up a great buying opportunity. I will be providing ranges and targets for these stocks. Follow Steve on Twitter at @stevekalayjian RBS Warns 2016 Will Be a ‘Cataclysmic Year’ In an article released by CNN the Royal Bank of Scotland warns that 2016 will be a cataclysmic year and advises to “sell everything except high quality bonds.” This article written by Jim Boulden can be viewed here: http://money.cnn.com/2016/01/12/investing/markets-sell-everything-cataclysmic-year-rbs/ Follow Steve on Twitter at @stevekalayjian Thank you, Stephen Kalayjian @stevekalayjian https://grantcardonetv.com/marketmaker/
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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.