Coach Mark here

I have been on the lookout (as many traders have both bullish and bearish) for support levels to form in the equity and bond markets. There is a saying that many traders use “patience pays” and that patience is certainly being tested as we head into the end of October!

It has been a long three months for bulls since the July peaks and these stretches can be long and wearing on bullish portfolios. While certain market leaders such as Microsoft (which just reported solid earnings results) have been insulated from the drawdown, many other areas of the market have experienced a significant hair trim.

I continue to look for support levels to build in the market indices as a sign that the current volatility is subsiding. Eventually these will form. They always do and provide the foundation for the next bullish trend. Patience pays. It really does.

Have a fantastic Wednesday!

Small Caps (/RTY)

No sign of reprieve in many of the most beat up areas of the market such as small caps which can’t seem to hold onto an intraday support level over the last week.

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