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.

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