Today´s Market August 08, 2013

NDX0808

Once again the market sold off sharply soon after the opening only to rebound the rest of the session closing in positive territory. Lately, many analysts are predicting a strong correction but it has not materialized yet,. As mentioned yesterday, we need a strong selloff  accompanied by a closing near the lows of the session. Mark Faber mentioned on CNBC earlier today that he expects a 20% or larger correction. Such a downfall seems a bit exaggerated to us, but a 5% to 7% is feasible. On the energy front WTI Oil fell sharply today even though it managed to recoup some losses closing at 103.74.

Today´s Profit USD 175 (Portfolio Size: USD 25,000)

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