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Expect some consolidation Thursday. Although the Dow is up strong, it is because VISA is having a strong day. The other indexes are showing consolidation. However, note that currently there is not any aggressive selling across-the-board. There are still numerous positions trading positive today. Be nimble, there will be some profit-taking on the short-term. Crude oil is selling off. Watch any of the oil stocks that may have looked promising Wednesday for continued selling Thursday. … [Read More...]
The Dow came up through the 50 day moving average yesterday after an extensive uptrend for the past two weeks. It would not be unexpected to see some consolidation, bringing the Dow back down to test the 50 day moving average to see if it is now going to act as support. Stay predominantly long with a few short positions in the portfolio. DDD is a good example of why you stay short unless you see a close above the T-line. … [Read More...]
Although the Dow has finally reached the 50 day moving average and backed off a little bit, the other indexes are showing much more strength. The NASDAQ gapped up above the 50 day moving average. The S&P 500 is forming a Doji sandwich through the 50 day moving average and the transportation index continues its steady climb. Expect some profit-taking along the way but currently the V reversal implies a test of the recent highs. Stay predominantly long but there are sectors to still have short positions. … [Read More...]
Unless there is a dramatic sell signal Monday, expect selling early in the day and buying later in the day, the normal characteristic of an uptrending market. Currently, the NASDAQ appears to be doing a bobble at the 50 day moving average. This should imply there may be a few days of consolidation. Continue to stay predominantly long but having a few short positions in the portfolio remains prudent. … [Read More...]
The markets are not showing any change of investor sentiment. The uptrend remains in progress with the 50 day moving average being the likely target. Continue to stay long in charts that are showing trading above the T-line. Bullish sentiment can be measured by the number of stocks that are gapping up on any given day. Currently, there are numerous gap up breakouts from frypan bottom and J-hook patterns. … [Read More...]