Hi everyone!
At the time I am writing this article, it is Thursday, June 22, 2017 at 6:58 AM west coast time United States.
Right now the stock market is just about at the flat line, with the Dow Jones industrial average up only nine points, but the real action is in the bond market with the 10 year yield now dropping to 2.14.
The US dollar is also showing signs of weakness, and what this means to me is in the short term, there is potential for the stock market to fall under some pressure. Now, if we do experience a pullback over the next several trading days, I believe this will present us with a buying opportunity as I expect stocks to continue to run higher.
Crude oil is playing a major role with regard to the price action of equities, and although crude is up .68% as I am writing this article, crude needs to move higher to support higher stock prices.
This morning I pulled profits from the last three positions which I had posted on my website TradersChoice.net these were tickers SPY, QQQ, and FB. (I will post new positions soon) click here: https://www.traderschoice.net/money-page--stock-picks.html
While it is certainly possible that the market does not pull back over the next several trading days, I felt it was prudent to pull profits at this time and just watch the market action again over the next few trading days.
In summary: exercise caution and look for a possible pull back with regard to the equities market over the next several trading days as the 10 year yield and the US dollar are falling under some pressure.
Gregory Mannarino
