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.
January 29th Daily Market Comments
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.