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Peter's Daily Update January 27th

Good Morning,

The major indices are all deep red this morning on rising fears around the world over the corona virus. After the market settles in this morning I will be assessing some of the small swing trade positions that I have open. Outside of that, I am likely to sit back today and watch the market to see if it finds any support or continues to fade. What I don't what to do today is guess at support or guess that it's time to get short. This could be the beginning of a deeper pullback, or it could be something similar to what we saw on December 3rd. I will patiently wait to see which way this wants to resolve. As far as a watch list, I will just focus on the weekly watch list today should we find any support.