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Definite indecision today! It's not unusual to see a day of consolidation following a big day of trading. However, the indecision is also occurring right at obvious resistance levels for each of the indexes. Although Yesterday's Bullish trading reduced the prospects of a market selloff, today's trading is not producing confirmation that a Bullish Trend is about ready to start. Monday will be an important day to see whether the resistance levels are going to continue to act as resistance or whether bullish sentiment can push up through those levels. Do not expect too much movement Today in the overall market, which still makes each individual stock chart the primary criteria. This is why we recommend Trend Analysis. … [Read More...]
The indecisive nature of the market trend has been illustrated with the Dow and S&P 500 not able to get back up above the T-line. At the same time, the NASDAQ and the transportation index have traded above the T-line for the last few days. The T-line is a very important confirming factor, until we see all the indexes trading above the T-line, there will not be any decisive trend movement. Today's positive trading is breaking the Dow and the S&P above the T-line. But like Yesterday's trading that had started off with the indexes trading positive, that strength needs to be witnessed going into the close today. This would not signal a major reversal. There are still visible resistance levels in the major indexes that need to be breached to illustrate there is a new strength in investor sentiment. … [Read More...]
Core-Mark Holding Company, Inc. (CORE)Chart for COREOver the next 13 weeks, Core-Mark Holding Company, Inc. has on average historically risen by 8.5% based on the past 12 years of stock performance.Core-Mark Holding Company, Inc. has risen higher by an average 8.5% in 7 of those 12 years over the subsequent 13 week period,corresponding to a historical probability of 58%The holding period that leads to the greatest annualized return for Core-Mark Holding Company, Inc., based on historical prices, is 2 weeks. Should Core-Mark Holding Company, Inc. stock move in the future similarly to its average historical movement over this duration, an annualized return of 69% could result.Dycom Industries Inc. (DY)Chart for DYOver the next 13 weeks, Dycom Industries Inc. has on average historically risen by 14.3% based on the past 26 years of stock performance.Dycom Industries Inc. has risen higher by an average 14.3% in 14 of those 26 years over the subsequent 13 week period,corresponding to a historical probability of 53%The holding period that leads to the greatest annualized return for Dycom Industries Inc., based on historical prices, is 1 week. Should Dycom Industries Inc. stock move in the future similarly to its average historical movement over this duration, an annualized return of 101% could result. … [Read More...]
The markets remain in an indecisive trading mode. The NASDAQ is showing a good strong Bullish Chart, as well as the transportation index. The transportation index is currently forming a trend kicker signal. If it closes above the T-line today, the prospects of a Scoop Pattern set up is highly probable, indicating more upside. The Dow is the weakest of the indexes but it is having a drag put on it by the much lower trading of IBM. Obviously the long positions are working well today but do not abandon any short positions in the portfolio that has not illustrated a confirmed reversal signal. The trading prognosis remains the same, have both long and short positions in the portfolio. … [Read More...]
A learning experience – the positive trading yesterday in the market indexes did not create reversal signals, merely an up day. Because it was not a reversal signal, it can be assumed there was not any major change of investor sentiment. Today's lower trading confirms. Nothing has changed in the current trend/nature of the market. It continues to move in a sideways mode, making each individual chart the predominant analytical factor. Long positions should not be showing sell signals/weakness, short positions should not be showing bullish candlestick signals. The patterns continue to work as the most effective profitable trade results. This is why we recommend being strong in trend analysis. … [Read More...]