For a long while now, I've been talking about countries coming out of lockdown and how we'll see a recovery in markets.
I wasn't wrong.
The S&P 500 is back above 3 000, a gain of almost 40% from its March low.
Let me say that again, the S&P 500 has returned almost 40% in the past two months.
While I knew markets would begin to recover, even I wouldn't have predicted a recovery that strong. And quite frankly, if you don't mind the pun, I'm not buying it. Something just doesn't add up.
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In this letter
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The best in the business are singing a bearish tune – and you should listen
If you ask me, the market has popped the champagne too soon. Things are running a bit hot and, to be honest, I’m in good company at thinking this.
Many of the big investment banks share the same opinion. The likes of J.P. Morgan, Goldman Sachs and a bunch of industry insiders have all voiced their concerns over the bullish run of the last two months. Even Citigroup’s co-head of investing has come out and stated that the financial markets are “way ahead of reality”.
These people are the best and the brightest the world has to offer, and they’re all singing a bearish tune.
Every time this event happened the price of Bitcoin soared more than 29 times!
It happened in 2012...It happened in 2016 ...
And it just happened again!
Three things you need to do right now
Remember that you’re an investor, not a trader. DO NOT sell out of positions you recently entered.
Hold onto cash. Don’t deploy any more funds into the market until you see the next pullback. While we won’t go back to the same lows, don’t be surprised to see another drop of at least 10% to 15%. Buy in at those levels.
Keep an eye on the rand. Now is a great time to do your currency conversions and offshore transfers If markets crash again, the rand will go back to R19 to the dollar.
And this will mean you’ll get more USD/GBP/EUR for your rands and have more funds available to buy shares when the market eventually falls.
At the end of the day, listen to Wall Street. Listen to the insiders. Don’t pop the champagne just yet and be caught with your pants down. Stay in cash for now – preferably foreign denominated currencies.
And don’t miss this opportunity while you still have it. Call Rand Swiss ASAP to open your treasury account so you can do your currency conversions. If you don’t have an offshore account, send us a mail on firstname.lastname@example.org
and we’ll help you get one.
Rand Swiss, Wealth Manager