Rob’s Market Analysis Was Dead On Target, So What Now?

Welcome back! It’s great to be right and it’s kind of a burden as well. There’s a lot of people who hoped I was wrong. It’s a reminder of how many people are being hurt that did not lighten up on their longs. We talked about that here. From my perspective, locking in profits would make a lot of sense. Unfortunately, a lot of people were hoping it would break through, pull back and take back off. I thought it would be better to take those profits and then get back in. If that happens then you won’t have to sit through months of being underwater. A lot of people decided to hold despite the massive resistance and now they’re feeling the repercussions. We’re closing at new lows. This is exactly what I was afraid of and it’s happening. I’d like to talk to you about what I say in advance in videos then look back at what happened afterward to have that proof of concept.

With that being said, the last video I did for you, I warned you about the key levels up above. We talked about the 1500 level on the Russell. It’s the only one that didn’t have the clearly defined support levels where the other ones had clearly defined support levels. I said if we break those, that’s going to be bad for the market. Now, at the end of the week, we’re closing right at the lows with the exception of the Russell. From my perspective, we now have to look at those levels I identified earlier in the week resistance levels. We can rally all the way up to those levels and breath a sigh of relief and turn around and go right back down. I know some of you are excited about those levels but we have not broken through those resistance levels, make them support and take back off. We failed those levels and now those levels are resistance levels in my mind and there’s no need to breath any easier because you’ll have to face this downtrending resistance. In my opinion, it would be better to take profits after that massive rally where we identified the bottom at the end of December/January and take the profits. If it takes off and starts to run, great. You miss a little bit of the profit opportunity but there will be so much if it does break off. Then you’re not sitting through this misery that so many people are.

There was very heartening retracements and went right back down for a few months again. It still took all that time to get back to that point where it was before. Why not consider taking profits and sit through months of downtrend. People are worried about saving a few bucks on commissions. If you’re at that point, then let’s take a look at what we’re looking at. This is a follow up to the video I did the other day.
If you have my Trader Rescue Package, once again, I kept off some of the obvious indicators up above showing the selling and focused on being below this simple level. I mentioned the other day that this is not a time to catch the falling knife on like AAPL for instance. AAPL continues to go lower. Boeing was crashing literally and figuratively. Sure enough, look at where it’s at from when I did the last video. It was at the $355 level and now it dropped $15. Once again, until it gets back above the zero line, there’s not a snowball’s chance on a beach I’m going to be thinking long. We have things that have to be done beforehand. Watch the last video I did and you’ll see the additional pain. When you take a weak stock in a weak market, that’s a recipe for disaster. That’s what I’m trying to convey to you. Now we’re adding more resistance levels on. If you have these weak stocks, take note of it and where you’re at with these stocks. Is it better to wait until they strengthen back up? That’s an important key update that people you need to be aware of.

Also, for those who are student family members of mine who have been to mentorship and have my indicators, don’t forget we have the big Hoffman superstar bash on August 8th and 9th. Your save the dates are being sent out this weekend. We’re looking forward to seeing you at our estate. We’re looking at having potentially hundreds of students for a two day educational event. It’s going to be a lot of fun.
Don’t forget what I said because if you follow through everything I said in advance, these are the same things you’re going to need to know market cycle after market cycle. It’s not about I told you so. It’s I learned this and spoke to you about this in advance. See how I keep talking about these things over and over so that you can be a better trader and investor.

I’ll look forward to seeing you in upcoming videos and events. Have a wonderful weekend!

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