Hello all… Ian Cooper here.
I’ve been watching the market with great concern, as the major indices challenge heavy triple top resistance with bearish signs on MACD, MFI and RSI beginning to emerge.
If this top gives way with no real sustainable news or momentum, the Dow could easily reverse back to its 200-day moving average. I’ve seen this happen — and play out the same way – going back to late 2013.
We also have to consider the likelihood for greater volatility if oil continues to fall, and if the Greece bailout talks fail to result in anything positive by March 1, 2015 deadline. The Greek government has fully rejected an extension so far.
Europe is already on the brink of depression. If this Greek issue is not resolved by the set deadline, it could set off a firestorm all over Europe.
I have a feeling things will not end well.
While we continue to hold all open positions, I am recommending that you buy to open a Dow Jones put, using the DIA April 2015 179 put up to $4.20.
Aside from this new trade, hold all current positions… and be sure to join us this Friday at 12 p.m. EST for our next scheduled webinar.
Good Investing,
Ian L. Cooper
Forgotten Profits