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It’s Time for Extreme Caution in This Market — Be Careful

by | Jul 17, 2024

Markets are down and tech stocks are down BIG, and I posted something of interest late Tuesday in my Trading Pit channel on Telegram…

“642 stocks on my 90 day high list. Typically, when that number gets above 450 – my radar goes off that market is a bit overdone to the upside – now we are at 642 !!

It doesn’t mean that we will crash or anything like that – it just means we need to have a few good down days to balance things out – the bulls are out of control!”

We’ve had the biggest inflow into small caps recently since the 2020 crash…

And now things are playing out exactly as I warned, and there’s a lot of things we need to be very, very careful of in this market. 

We also have some big earnings coming up, including Taiwan Semiconductor (TSM) and Netflix (NFLX). 

Looking at commodities, there are two different things going on right now…

Energy (XLE) stocks are starting to break out, and XLE is trading above its moving average. The problem is I’m not seeing enough commitment in the sector to generate that kind of buzz. 

And gold is at all-time highs right now, and that’s because the Chinese are buying it up instead of holding U.S. dollars because they don’t trust what’s happening in the U.S. government. 

It’s also because people believe that interest rates have peaked.

I would, however, wait for a pullback before buying…

I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!

Roger Scott
Roger Scott Trading

Follow along and join the conversation for real-time analysis, trade ideas, market insights and more!

P.S. LIVE at 1 p.m. ET: Get My Top 2 Stocks to Short for Thursday

We’re opening the live room to give you my top two short plays for today, live at 1 p.m. ET!

We’ll be using the A-line indicator, and I’ll show everyone how it works…

You see, it does NOT  just help me target plays to the upside.

But it works just as well — if not better — to the down side. 

Obviously, I cannot promise future profits or shield against losses, which happen in trading.  

But if you’d like to see my top 2 shorts for today…

Join Me at 1 p.m. ET TODAY!

*The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 2/25/20 through 7/15/24, the average win rate on live published trade alerts is 72%. The average weighted rate of return on options trades was 7.82% over a 13 day average hold time.

 

WRITTEN BY<br>Roger Scott

WRITTEN BY
Roger Scott

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