Remember How I said Be Careful Shorting in 2020? This is Why.

About a week ago I told those to be careful shorting this market as a result of pure technicals, micro/macro-economics and simply, logic. I was also one of the few who said the US-Iran would be short-term noise for a pullback and nothing more - this turned out to be correct.

One must protect yourself from shorts via precious metals in a money-printing environment - not through shorts. It is likely many people blew their accounts wide open over the last 48 hours.

My TP for 2020 at 3700 remains intact. And my ideas regarding US tech having a fantastic year still remains. The drop in oil is temporary and will still rise steadily and slowly as the DXY weakens throughout the year. Remember, oil is a commodity and commodities are highly volatile both to the upside and downside.

Again, remember, there will ALWAYS be pullbacks and corrections, but anyone who called a massive crash just because of the US-Iran situation simply does not understand the influence of geopolitics on the market.

- zSplit

Comment:

Note: My above comment regarding US-Iran short-term noise does not necessarily mean everything is "over and happy". However, what it does mean is any pullback as a result of US-Iran tensions (in the future) will act as a short-term pullback - NOT a long-term epic correction like people may have thought or may believe.