Let The Dust Settle

by | Jan 11, 2021 | Daily Trade Alert

Markets are a bit of a mess in pre-market. Dow futures are down more than 208 at the moment, with the NASDAQ down 70. The S&P 500 is down 21. All thanks to a new round of risks. For one, market sentiment is dipping after Nancy Pelosi said the House could move to impeach the President as soon as this week. Two, recent economic data shows the labor market recovery stalled in December. Three, the virus infection rates are still elevated.

“After being bullish for several months, we are definitely becoming more cautious on the stock market up at these levels,” Matt Maley, chief market strategist at Miller Tabak, said, as quoted by CNBC. “We believe that the vast majority of the rally from the March lows is behind us…and that a correction is likely to begin at some point in the first quarter of this year.”

With markets likely to go haywire today, let’s stay on the sidelines to be safe. We’d rather wait than issue a trade idea for the sake of issuing a trade idea.

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