{"id":22046,"date":"2024-08-06T07:30:53","date_gmt":"2024-08-06T11:30:53","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=22046"},"modified":"2024-08-06T07:30:53","modified_gmt":"2024-08-06T11:30:53","slug":"ugly-friday-ugly-monday","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/ugly-friday-ugly-monday\/","title":{"rendered":"Ugly Friday, Ugly Monday"},"content":{"rendered":"

Ugly Friday created a very ugly Monday.<\/p>\n

The fear index, aka the VIX jumped 42.3 points from Friday’s close of 23.39 to its high of 65.73 on Monday, before dropping back to 32.81, at writing.<\/p>\n

\"chart\"<\/p>\n

(Click here to expand image)<\/a><\/p>\n

I don’t think we’ll see it get to that level again. But, it all happened so fast, I’m not sure it gave folks enough time to panic.<\/p>\n

In any case… I suspect we are closer to the end of this short-term decline phase than to the beginning of it.<\/p>\n

Be Patient<\/h2>\n

There is no urgency to step up and buy.<\/p>\n

The McClellan Oscillators (NYMO and NAMO) still have plenty of room to fall before the reach extremely oversold levels (-60 or lower).<\/p>\n

\"chart\"<\/p>\n

(Click here to expand image)<\/a><\/p>\n

\"chart\"<\/p>\n

(Click here to expand image)<\/a><\/p>\n

But, we are nearing the point where it will make sense from a risk\/reward perspective to start adding long positions.<\/p>\n

If the S&P declines 100 points or more, then aggressive traders can look to buy some of the more beaten down names.<\/p>\n

Gold and silver, for their parts, are trading higher. The mining stocks are underperforming the metals. So, I’m not sure the gains in the metals will hold…<\/p>\n\n\n\n
\n

Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

My Advice<\/h2>\n

Right now, the best advice I can give is to remain calm, be patient, and don’t lose your head.<\/p>\n

If you’re stressed about your positions in the markets, you either have too much money at stake, or your risk management systems need to be looked at.<\/p>\n

Now is a great time to do that.<\/p>\n

Remember, this is the market environment where traders thrive.<\/p>\n

It’s getting interesting again.<\/p>\n

We’ll wait for the dust to settle a bit and see where the best opportunities for reversion-to-the-mean trades lie.<\/p>\n

Be on the lookout for my next video edition of Market Minute.<\/em> I’ll get into all of this more then.<\/p>\n

In the meantime, if you use X (formerly Twitter) make sure you’re also following me there, @JeffClarkTrader<\/a>.<\/p>\n

Best regards and good trading,<\/p>\n

\"Signature\"<\/p>\n

Jeff Clark<\/p>\n","protected":false},"excerpt":{"rendered":"

Remain calm, be patient, and don’t lose your head…<\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-22046","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/22046","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=22046"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/22046\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=22046"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=22046"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=22046"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=22046"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=22046"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=22046"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=22046"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}