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Will the market bounce?

Hey Market Pilots,

This has been a brutal couple of weeks in the market with February’s seasonal weakness kicking in hard. When the winds change and the market falls apart, my stops get hit and before I know it, I am in cash. And right now cash is a beautiful place to be as most of the names I keep an eye on just keep melting down. 

The moves to the downside have been deeper and longer than I expected, but that’s ok when you are sitting on the sidelines. It is nice being in the corner, sipping on fruity cocktails, while everyone else is duking it out or panicking with the never-ending slide south.

As with any trend, however, it will come to an end and reverse. So, I keep looking for signs of a bottom and when we can start bringing some cash back into the market to take advantage of all the sales going on. But when? I can’t say for sure yet because things are still going down, but they seem to be trying to hold double bottoms and I am seeing positive Moxie divergences on the lower time frames such as the 15 min. 

Just because I see pressure coming in, or price getting stretched to the downside, doesn’t mean I jump in simply because of the extreme lows. I must still wait for all the signals I teach with the Moxie Indicator method. So right now patience is the name of the game. Maybe the last week of February will show some green shoots and we can take some nibbles. But until then, stay hunkered down, and don’t be too eager to go long until you can prove a solid entry.

Over and Out,

Your Profit Pilot.

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