I sent the following out to my free newsletter list near the close today:
Today my market timing signal issued a buy signal from our current “sidelines” view on the general markets. It continues to be safe to buy stocks long or if you want to pick your favorite market ETF you could do that as well as the market digests recent gains and keeps bullish sentiment in check.
I wasn’t sure if we were going to get a chance as the market took off right at the opening bell, but optimism has faded and this pullback looks like a good time to buy the market.
Regarding the Fed Meeting and Apple’s News:
Yes It’s really a matter of discretion vs mechanical as to whether you take the signal or pass due to the macro
noise news. The way I see it is you have to take every signal regardless of macro events because I’m not smart enough to know how they will affect the markets. If I sat it out and it triggers a massive rally then one could get frustrated for not taking the signal.
SPX remains in an upward channel. Some downside but it should be limited.
The Dollar is in a dangerous position. It needs to bounce asap but looks to be heading to low 78′s.