Today’s positive trading in the markets still has to be watched with some skepticism. There are not any real reversal signals being exhibited in some of the indexes. It will be important to see how the markets close Today. A close above the T-line Today would indicate the upward trend channel is still the top prognosis. A close below the T-line would indicate the profit-taking/consolidation was still in progress. Stay predominantly long but be prepared to remain heavier in cash or adding a few short positions to the portfolio if the markets selloff before the close.
August 14th Daily Market Comments
Today’s positive trading in the markets still has to be watched with some skepticism. There are not any real reversal signals being exhibited in some of the indexes. It will be important to see how the markets close Today. A close above the T-line Today would indicate the upward trend channel is still the top prognosis. A close below the T-line would indicate the profit-taking/consolidation was still in progress. Stay predominantly long but be prepared to remain heavier in cash or adding a few short positions to the portfolio if the markets selloff before the close.