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Thursday's indecisive trading is not unexpected after a strong week and heading into a long weekend. With the anticipation of the candlestick charts not showing any major change of sentiment today, the same strategy remains in place. Continue to stay predominantly long but also have a percentage of the portfolio in short positions. … [Read More...]
Wednesday's positive trading is now bringing both the Dow and the S&P 500 up above the T-line. Although the NASDAQ is trading positive Wednesday, as expected after the long legged Doji that bounced off the 200 day moving average Tuesday, it is not yet trading above the T-line. Bullish strength is still required going into the close today. Many short positions should have been closed out after Tuesday's reversal and Wednesday's positive confirmation. However, until there is a definite close above the T-line in the indexes, be prepared to re-short positions. … [Read More...]
Monday's formation in the Dow was not a reversal signal, merely an up day in a down trend. As evidenced by Tuesday's trading, not showing any great conviction to the upside, it still has to be assumed that these markets are in a down trend until there is a bullish candlestick signal and a close above the T-line. Although the Dow is trading positive, the NASDAQ is trading lower, indicating there is no major change of the current investor sentiment, the down trend has to be assumed to be continuing. … [Read More...]
The markets opened lower as expected but a few of the indexes are already showing buyers stepping in. The NASDAQ opened lower, right on the lower trend line, and has started trading positive from that level. The transportation index trading below the T-line but is now back up above the T-line. The Dow and the S&P 500 are setting up hammer signals. Obviously this is still early in the day, but the initial evaluation indicates a lack of aggressive selling. Assess each chart on its own. … [Read More...]
Thursday's trading as shown consolidation in the Dow, the transports, and the S&P 500, back to the T-line. This is not unexpected after a strong day Wednesday. Until there is a strong breakout one way or the other, the overall market trend still has to be assessed as being a slow upward trend. This still provides the environment for having both long and short positions in the portfolio. … [Read More...]