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July 22nd Daily Market Comments

Another lazy Friday  of summer. The market is trading absolutely flat, the NASDAQ is up a little bit, the Dow is down a little bit. The transportation index is doing a bullish Harami right on the T-line. There is nothing showing any great conviction to the upside nor the downside. This will probably be a good day to play golf. … [Read More...]

July 21 Daily Market Comments

Today's early selling in the Dow keeps the market conditions the same as the past week or so. Indecisive lack of selling pressure but also not showing any huge bullish sentiment. The NASDAQ trading slightly positive and the S&P 500 basically flat merely reveals investor sentiment is continuing in a very slow but slightly positive trend. This may be the summer doldrums. Until there is a dramatic sell signal in the markets, continue to stay predominantly long in the charts that are showing good strength, trading above the T-line. … [Read More...]

July 20th Daily Market Comments

The market analysis remains the same, as long as the indexes do not show a confirmed sell signal, the uptrend remains in progress. The consolidation of the past few days has allowed the T line to remain reasonably close to the uptrend. This reveals that there is no exuberant buying in the trend so far. Continue to stay predominantly long, any short positions should maintain compelling selling evidence. … [Read More...]

July 19th Daily Market Comments

Today's lack of conviction in the markets continues to reveal consolidation/profit-taking after a nice strong bullish move over the past four weeks. Be prepared to take profits on confirmed sell signals. However, numerous bullish charts are not showing any strong reversals, merely sideways consolidation. Candlestick charts allow investors to visually witness when the selling has definitely taken control. Until that time, hold long positions. … [Read More...]

July 18th Daily Market Comments

The NASDAQ is showing good strength today, potentially forming another little J-hook pattern to the upside. The Dow and S&P are also trading positive but not with any great strength so far today. Although the uptrend remains in progress, there still remains signs of a possible profit-taking reversal. The gap up in the indexes on Thursday, as well as moving away from the T-line in the overbought condition, makes the prospects of a reversal more likely. Continue to stay long but be prepared to take some profits on signs of weakness in the market. … [Read More...]

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