After coming out of the chute with good strength today, the market indexes have backed off. Crude oil open strong but then had a major reversal. Although the initial strength of this morning has dissipated, the candlestick charts continue to reflect a major overall bullish sentiment. This was the attitude of the market trend prior to today’s new year trading. This merely reveals investor sentiment is continuing with the sectors that were acting well going into the end of last year. Although oil stocks have backed off today after trading higher, they still have not shown a change of investor sentiment. Investor sentiment still implies the strength that came from the results of the election is still the predominant force.
January 3rd Daily Market Comments
After coming out of the chute with good strength today, the market indexes have backed off. Crude oil open strong but then had a major reversal. Although the initial strength of this morning has dissipated, the candlestick charts continue to reflect a major overall bullish sentiment. This was the attitude of the market trend prior to today’s new year trading. This merely reveals investor sentiment is continuing with the sectors that were acting well going into the end of last year. Although oil stocks have backed off today after trading higher, they still have not shown a change of investor sentiment. Investor sentiment still implies the strength that came from the results of the election is still the predominant force.