May 12th Daily Market Comments

Although the NASDAQ traded positive after it opened yesterday, it did not do a reversal signal. Obviously today’s strong selling indicates the NASDAQ remains in a downtrend as well as the other indexes coming off shooting star signals. The shorts are working very well. Any long positions require very compelling bullish charts to stay long.ie NMRD, ET.

 

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May 11th Daily Market Comments

The ShootingStar failure of the Dow at the upper trend channel resistance level produced good probabilities that a reversal could be in effect. The magnitude of today’s selling is the reflection of a change of investor sentiment that had already been in progress in the NASDAQ. Unless long positions are showing good strength, the Long’s should be closed and more short positions added.

 

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May 10th Daily Market Comments

Although the Dow, S&P 500, and the transportation index continue to trade positive, the failure of the NASDAQ to close above the T line on Friday produced a warning. The nature of the market remains the same, the uptrend remains in progress but the high tech stocks of the NASDAQ are still being sold off. The strategy remains the same, have both long and short positions in place.

 

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May 7th Daily Market Comments

Yesterday’s hammer signal at the 50 day moving average in the NASDAQ gave the prospects of the 50 day moving average going to act as support, with the next target at least a bounce back up to the T line, which is exactly where the NASDAQ is trading now. The other indexes are all showing good bullish uptrending charts. If the strength continues into the close today, obviously closing out short positions is logical. It will be important to see where the indexes close today.

 

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May 6th Daily Market Comments

The market indexes divergence remains the same, the NASDAQ is trading lower but is showing the possibility of supporting at the 50 day moving average. It is currently doing a Doji day but the stochastics are still heading down. This would imply another day or two of hovering near the 50 day moving average until stochastics get into the oversold area. The strategy remains the same, short positions are working and long positions are working, have both in the portfolio.

 

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May 6th Daily Market Comments

The NASDAQ continues to trade lower while the Dow remains relatively flat. This has produced some excellent profits in short positions in the high tech area. The NASDAQ is currently hovering at the 50 day moving average. Mining stocks remain in good uptrends. The prognosis remains the same, have both long and short positions in the portfolio.

 

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May 5th Daily Market Comments

Although the market indexes opened positive Today, there has not been any bullish conviction since the open. The market remains sector specific, steel stock and steel mining stocks remain strong, oil refineries and oil drilling company stocks continue to be strong. High tech is being sold off. Have both long and short positions in the portfolio.

 

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May 4th Daily Market Comments

The NASDAQ, closing below the T line yesterday, was the strongest sell signal, continuing today. The Dow is still above the T line but the S&P 500 has gapped down below the T line.

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May 3rd Daily Market Comments

The T-line continues to act as a relevant trend indicator. All the indexes are trading above the T-line. The transportation index is showing good consistent strength. This implies there is no major selling occurring yet in the markets.

 

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April 30th Daily Market Comments

The indecisive nature of the market remains in place. These market conditions make the analysis of each individual stock/sector the top criteria. The J-hook patterns have been working well. OCGN, DRNA. Use this as a process to close out long positions that are showing weakness. Have a few short positions in the portfolio.

 

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