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Thursday's trading is a good example why having short positions added to the portfolio becomes prudent. As the candlestick charts were demonstrating over the past few trading days, that although the trading had remain in the uptrending channel, there was not any convincing evidence that the uptrend was still not in progress but there was not any convincing evidence there was any great bullish pressures. The lack of continuity in the indexes at been evident over the past few trading days. The transportation index had shown severe weakness while the Dow was trading back toward the lower end of its trading range, breaching it to the downside. Observe the obvious, the markets are in pullback mode, any long positions showing weakness should have been closed or be closed. In many cases, the evidence of weakness did not occur until Thursday. Use the end of the day to make decisions. … [Read More...]
Wednesday the Dow is trading lower, but the NASDAQ is trading higher and the transportation index is doing a potential bullish Harami. This disparagy between the indexes continues to reveal no dramatic change of investor sentiment, merely rotation of sectors. Continue to stay with the strong chart patterns, NQ and TWTR have produced huge profits today based upon the chart patterns indicating buying pressure over the past few days. Stay long, be selective, and be nimble. … [Read More...]
The Dow, NASDAQ, and S&P 500 are all currently confirming the support line of the trend channel. Tuesday's positive trading is creating MorningStar type signals. However, the transportation index is still not showing any great strength. Obviously, the indexes need to remain positive today to confirm the trend channel support. There are strong kicker signal's today MDSO and AKS. Remain nimble. … [Read More...]
The selling of Friday, which produced or confirmed candlestick sell signals, created to opportunities on today's open. A positive open would have been illustrated the trend channel was acting as support or a lower open would've illustrated the bottom of the trend channel had been breached. As can be seen, Monday's bearish trading has reached the lower edge of the trend channel, indicating more downside. That downside could now be back to the 50 day moving average on the indexes. This warrants closing out any long positions that does not show good strength and adding some short positions to the portfolio. … [Read More...]
Although the Dow is trading much lower, the other indexes indicate there is no massive selling. The transportation index is trading positive. The NASDAQ and the S&P 500 are trading lower but they are trading above where they opened and still are trading above the T-line. A Friday in the middle of the summer without any indications of a change of investor sentiment, continue to hold the good positions. … [Read More...]