02Apr3:45 pmEST

There She Goes: A Dark Start to a New Quarter

Much like the weather in the northeast today, bulls who were hopeful for a new start to April, the second quarter of trading, and spring in general are facing some more winter volatility and a huge Dow drop. 

That said, my concern with pressing shorts in the very near-term would be not getting swept up in a widely-watched 200-day moving average test on several indices. The Dow, for example, is only now precisely testing its 200-day since 2016. Hence, my inclination is to flatten out a bit in terms of trading exposure and assess how bulls can handle this test, if at all.

Meanwhile, gold, silver, and their miners turned in a relatively solid day, seemingly a bit under-the-radar. I view the lack of enthusiasm about this move, so far, to be a contrarian bullish sign. 

One thing seems to be indisputable: If bulls cannot step in and buy up AMZN FB GOOGL TSLA, etc., with the type of vigor we have seen many times before, it would seem to point to a more pronounced change in character considering the market is now oversold and back down to some major technical reference points. 

Doubling Up on the Bearish A... Glimmer of Shine in the Cold...

 
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