Should You Be Getting Ready to Buy?

Should You Be Getting Ready to Buy?

  

The S&P 500 dropped 20 points below the 200 day MA at 2615 on Thursday May 3rd before it reversed to the upside and closed at 2639. The buying continued on Friday May 4th and the market's strong close was impressive .

The market internals were strong with 2239 stocks advancing and just 746 declining.  It was an encouraging sign for those who think the correction from the January high is just a pause in the market’s uptrend. 

The Nasdaq 100 was up 1.90% for the day while the small cap Russell 2000 and S&P 500 were up close to 1.3%.  This may be an early sign that the worst of the selling is over but further improvement is needed to confirm that the market’s correction is over.

In this weeks Forbes.com article I discuss the Five Most Oversold Dow Stocks as many major stocks have now reached important chart and Fibonacci support.

Imager.

Two of the ETFs that Viper ETF clients have been buying (see below) did well on Friday with XLK up 1.9% and XLY up 1.3%. Once all the A/D lines turn positive it will be a time to become a more aggressive buyer.  

If you are interested in buying once the correction is over I hope you will consider a subscription to the Viper ETF Report or the Viper Hot Stocks Report.

Share this ...Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInEmail this to someoneDigg thisShare on Reddit

Comments

comments

The publishers of this site cannot and does not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading stocks, ETFs, and index futures can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this site, you agree not to hold Viper Report, or their employees liable for trading losses, lost profits or other damages resulting from your use of the information contained on this website in any form (web based or email based), and you agree to indemnify and hold Viper Report and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising any violation of this agreement.