April 19th Daily Market Comments

Friday’s dragonfly Doji/hanging man signal in the NASDAQ provided a little warning to watch for profit-taking on a weaker open today. The transportation index was remaining above the T line but with Doji type days, this provided a little bit of warning to watch for a potential reversal. Obviously, today short recommendations are working well. The top be conditions of the market indexes was making having both long and short positions in the portfolio a viable strategy. Any long positions that appeared to be showing weakness should be closed at the end of the day.