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The bearish J-hook pattern remains the predominant pattern in the market indexes. Any long positions remaining in the portfolio should have compelling reasons to stay long. Short positions should now be the predominant trading strategy. The long positions should be oriented to the gold sector. … [Read More...]
Today's positive trading, confirming the bullish Harami of yesterday in the Dow and the S&P 500, unless experiencing strong selling before the end of the day, is demonstrating that the trading channel is a very slow uptrend bobbing along the T-line. Fortunately, numerous sectors such as the oil sector and the gold sector have been working extremely well during the sideways mode. Those are obviously the sectors be trading long. Numerous stocks have been trading absolutely sideways for the past three weeks. Obviously stay long in the strong sectors and short in the week sectors, both should still be in the portfolio. … [Read More...]
The evening star signal in the Dow and the S&P 500 are confirming today. The NASDAQ opened at the T-line and immediately started trading lower. If the indexes close near the lower end of their trading range today, expect wave three of a bearish J hook pattern to be in progress. Add short positions to the portfolio today. Gold is breaking out of a frypan bottom pattern,NUGT a good long positions. … [Read More...]
The magnitude of today's selling has a very relevant factor. Although the indexes have not breached the T line to the downside, the strength of the selling clearly indicates the lack of consistency of an upward trend reversal. Although there may be an uptrend in progress, it is without any consistent bullish force. It will be important to see where the indexes close today. A close below the T-line in the Dow and the S&P 500 would create an evening star signal, making for the possibility of a bearish J-hook pattern to be forming in those indexes. This would imply another strong leg to the downside. Obviously the weakness in the markets are also attributed to the failure of crude oil prices to stay above the T line after yesterday's bearish left/right combo. Be ready to come out of long positions if the markets close near the lower end of their trading range today. … [Read More...]
The strength in the Dow and the S&P 500, if maintained today, what illustrate the top of the trading range of the past few days has now been breached. The NASDAQ is also attempting to trade back up above the T-line. The market conditions at this point lean toward higher probabilities of an uptrend starting based upon the past seven days of trading now looking as a support level. Having both long and short positions in the portfolio is still prudent but obviously if the bullish strength continues into the close, any short positions that are showing reversals should be lightened up and/or closed. … [Read More...]