As a result of these negative developments from the weekend, investors are taking a very cautious approach this morning. Stocks are down, the yield on the 10-year U.S. Treasury is slightly lower, and the price of WTI oil is back below $70.
There may be a lot of negativity in the market today with prices lower across the board, but we will do a little buying because we have plenty of cash sitting on the sidelines and we never like to shy away from a good discount. That being said, we want to be picky and selective with our buys right now as we still see the need to protect cash because the market is not yet oversold based on the most recent S&P Short-Range Oscillator reading. We plan to put more cash to work as prices move lower and the market becomes oversold.
Chevron is an idea we wrote about last Friday, and with our trading restrictions cleared Monday, we are free to pick some shares up and scale deeper into our position.
