It's been almost a week since our last published Launch List and the reason is quite simple. The market was showing signs of weakness as the S&P 500 index has moved from a prior sideways pattern to correction territory. This simply means that the index has moved into a new lower level that it hasn't been in since July.
In fact, the $SPY had a 9 day consecutive sell off, something that hasn't happened since December of 1980. For us the warning signs were obvious as we issued an advice to stay in cash as launch conditions were not favorable.
We have #grounded all #launch activities for the time being. All #market conditions are #negative at the moment. Hold on to your #cash !
— ProfitMissionControl (@profit_m_c) November 2, 2016
So was this selloff something to worry about ? Not exactly, the market is waiting for a major decision on the US presidential elections. Most experts agree that this sell off is temporary. The hope is that Tuesday night, the world will know who the next president of the United States will be. That should give the market a solid direction moving forward.
The FBI has also just cleared Hillary Clinton from any e-mail criminal charges, so we are expecting a great start for the week. There should be a nice morning spike, but things are going to slow down to almost a halt until Wednesday morning.
There are a few stocks that made it to our launch pad, just waiting for confirmation over the next week. Here is our Launch List for November 6, 2016.
