I told you so….

This is one of those times, rare indeed, when I can say, “I told you so.” It started in the pre-market and the markets meandered in a fairly small range….until 3PM, and then the trap door opened and down we went. I was out most of the day so I didn’t get a chance to play any of the inverse ETFs I mentioned yesterday. But, on my return just about 3PM, I did have a chance to place an ES short for a few points…so it was a good day!

I’m thinking this downward pressure will stick around for a day or few, but we will be setting up for another bull run. I’m getting real interested in oil. If you’re not a futures trader with CL or QM, the oil e-mini, you may want to put the oil-related ETFS like: USO DBO DIG and UCO in your watchlist. Or maybe some of the oil service companies like VLO and OXY. Just watch oil and see if we get some support around the February low, say in the $72 – $70 range.

On another note, I finally made it to Facebook. So come and visit me and become a friend. I promise I’ll get this figured out and reciprocate!