The aggressive selling of yesterday is not following through today. Currently the NASDAQ is supporting on the T-line, the transportation index is supporting on the 200 day moving average. The Dow and the S&P 500 are just getting to the oversold conditions, but they are still trading below the T-line. This continues to demonstrate the summer doldrums syndrome. A number of positions have been closed out based upon a close below the T-line. Until investor sentiment shows conviction one way or the other, sit back and relax.
August 3rd Daily Market Comments
The aggressive selling of yesterday is not following through today. Currently the NASDAQ is supporting on the T-line, the transportation index is supporting on the 200 day moving average. The Dow and the S&P 500 are just getting to the oversold conditions, but they are still trading below the T-line. This continues to demonstrate the summer doldrums syndrome. A number of positions have been closed out based upon a close below the T-line. Until investor sentiment shows conviction one way or the other, sit back and relax.