The market indexes are trading above the 3T-line, let alone the T-line. The classic pattern in the Dow is in the process of confirming on today’s positive trading. The NASDAQ is trading flat while the S&P 500 and transportation index continue to trade higher. There is no evidence of any profit-taking/selling occurring in this market. Also, there are no signs of exuberant buying. The steady uptrend reveals a much more solid trend based upon profit-taking occurring along the way. The prognosis remains the same. Stay predominantly long but it is prudent to have a few short positions in the portfolio. Specific sectors/stocks are working extremely well. RIOT is currently producing very strong profits. GLYC has gapped up producing a breakout of a Frypan bottom. This market remains extremely profitable as long as you maintain the strong candlestick chart patterns.
December 12th Daily Market Comments
The market indexes are trading above the 3T-line, let alone the T-line. The classic pattern in the Dow is in the process of confirming on today’s positive trading. The NASDAQ is trading flat while the S&P 500 and transportation index continue to trade higher. There is no evidence of any profit-taking/selling occurring in this market. Also, there are no signs of exuberant buying. The steady uptrend reveals a much more solid trend based upon profit-taking occurring along the way. The prognosis remains the same. Stay predominantly long but it is prudent to have a few short positions in the portfolio. Specific sectors/stocks are working extremely well. RIOT is currently producing very strong profits. GLYC has gapped up producing a breakout of a Frypan bottom. This market remains extremely profitable as long as you maintain the strong candlestick chart patterns.