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February 22nd Daily Market Comments

The final trend criteria? The indexes continue to trade above the T-line. Yesterday the NASDAQ use the T-line as a support level. Assumption? The uptrend remains in progress as long as there is not an identifiable candlestick sell signal and a close below the T-line. Continue to stay long in charts that have not shown a sell signal and a close below the T line. When the market remains in a steady slow uptrend, take advantage of the candlestick pattern breakouts. IE DLPH, LDOS. … [Read More...]

February 21st Daily Market Comments

The major indexes are trading lower so far Today but the transportation index is trading positive. This implies the lack of any overall consensus of the selling. Expect profit-taking in individual stocks/sectors, rotation is in a fact. The candlestick charts still pinpoint which stocks have very strong bullish chart patterns i.e. DLPH kicker signal/J-hook confirmation. Take profits in charts that are demonstrating weakness/sell signals. There are good shorts that can be added to the portfolio as seen in the DPZ chart last week. These market conditions warrant having both long and short positions in place. … [Read More...]

February 20th Daily Market Comments

Today's positive trading, although not dramatic, continues to move the market index uptrend in a slow steady manner. This makes a trading environment that allows the candlestick charts/breakout patterns to work very well. Continue to stay long as long as there is no signs of exuberant buying coming into the markets. … [Read More...]

February 19th Daily Market Comments

The strong move in the Dow on Friday clearly indicated the T-line was going to be a relevant factor. It also brought the NASDAQ and the S&P 500 through the potential resistance level of the 200 day moving average. Today's trading, although the Dow is trading slightly lower, the S&P 500 and the NASDAQ are trading slightly higher, still above the 200 day moving average. This merely indicates profit-taking occurring in the Dow after Friday's strong day, but not any signs of weakness in the bullish uptrend overall. Continue to stay long, utilizing the strong candlestick signals/pattern breakouts for excessive profits. … [Read More...]

February 14th Daily Market Comments

  Although the indexes are trading lower today, especially the Dow, they are forming indecisive trading formations as well as staying above the T line. Anticipate this being a profit-taking day as long as there is not any severe selling, taking the indexes back down below the T-line. Be ready to take profits on price moves that are starting to show selling, potential reversal signals in the overbought condition. Do not hesitate to take some profits, if the market continues higher after consolidation, there will be other bullish opportunities. … [Read More...]