October 31 Daily Market Comments

The NASDAQ has gapped up through the recent highs but is selling off a little bit after the open. It needs to stay above the recent highs, not forming a bearish belt hold signal. A strong up day in the overbought condition puts out the alert to start watching for profit-taking. Stay predominantly long but remain nimble. Crude oil stocks are still weak due to crude oil prices still selling off hard.

October 30 Daily Market Comments

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.