June 1st Daily Market Comments

The definition of a bull market is the continuing of an uptrend even in the throes of negative news. After a weekend of watching looting and burning across the nation, the uptrend in the market indexes continue.

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May 29th Daily Market Comments

Yesterday’s dark cloud that formed in the Dow is confirming with the lower trading Today. If the Dow closes near the lower end of Today’s trading range, expect a pullback to head back down to the T-line. If Today’s trading in the Dow closes near the high end of the trading range, staying above the 3T-line, the slow uptrend is likely to continue going into next week. The NASDAQ trading lower but not with enough strength to bring it down through the T-line. Expect this to be a profit-taking/consolidation day.

 

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May 28th Daily Market Comments

Although the Dow opened much higher and immediately sold off, it was evident based upon the 10-minute chart that the buying was still in progress. The NASDAQ open slightly lower but immediately started trading higher. There still is not any evidence of very sentiment coming into this trend. Stay long. Numerous patterns are working extremely well. TGI frypan bottom breakout going into earnings provided good evidence that people in the know were expecting good earnings results.NBR fry pan bottom producing an uptrend with the expectation of filling the gap at $52. Utilizing the patterns during an uptrend produces much better profits than holding slow up-trending stock prices during a slow up-trending market.

 

 

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May 27th Daily Market Comments

Funds are shifting. The text are selling off but are recommendations in the regional airlines and the specialty retailers are producing good profits. The Dow is trading positive, although below where it opened and the NASDAQ is trading lower. The nature of the market remains the same, a slow uptrend overall but with day to day oscillation.

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May 26th Daily Market Comments

Warm weather, sunny days, makes everybody more confident. Although the NASDAQ has been showing consistent uptrending, Today the S&P 500 is showing the greatest strength, gapping up through the 200 day moving average. The prognosis remains the same, as long as the indexes continue to trade above the T-line and well into the up-trending channel, investor sentiment will continue in a bullish trend. The Dow gapped up after Friday’s Doji, a best friend signal, implying the next target will be the 200-day moving average.

 

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May 22nd Daily Market Comments

The lack of overall movement in the markets still is creating some very strong pattern movements in individual stocks. Today DDOG is producing a J-hook pattern breakout. PS is producing a Doji sandwich slow curve breakout. And strength in Nvidia is continuing wave three. As long as there is no major selling in the indexes, assume the sideways/slow up trending market conditions will produce good strong candlestick signal/pattern breakouts. Stay predominately long, investor sentiment has not changed.

 

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May 21st Daily Market Comments

The oscillating nature of the market trend remains in progress, up one day down the next day. The T-line remains the strongest overall indicator for the market/price trends. Continue to utilize the strong patterns, such as the J Hook pattern, as seen in HZO. Fry pan bottom patterns have been developing in the oil stocks. With the overall market trend still in a relatively indecisive stage, utilizing the patterns at least provide a visual expectation of individual stock prices even when the overall market trend is not compelling.

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May 20th Daily Market Comments

Note how the news is now directed toward the US economy opening back up versus the numbers about virus cases. Obviously investor sentiment is currently oriented towards the economy. The whipsaw action of the market was witnessed in yesterday’s selling at the end of the day, followed once again by bullish sentiment back in the markets today. Expect more whipsaw action but the NASDAQ is providing a good visual indication investor sentiment continues to move the markets in a slow upward direction. Stay predominately long, any short positions being held should have very compelling reasons.

 

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May 19th Daily Market Comments

The markets are maintaining relatively good strength after the big up day yesterday. Although the Dow is trading lower, it is not selling off with any conviction. At the same time the NASDAQ is trading higher. The S&P 500 is trading flat after opening lower. Crude oil is now trading at $32.60. The indexes trading in the middle of their trend channels is making the bullish candlestick charts continue to produce profitable trades. The nature of the market is still whipsaw/oscillation on a day-to-day basis.

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May 18th Daily Market Comments

Warm weather? A potential vaccine? It doesn’t matter, investor sentiment is indicating things are likely to get better in the American economy. Today’s gap up in the indexes are putting the trading range of the indexes well above the T-line and well into the upward trading channel. Today’s positive trading reveals the American economy is not static, investors are indicating confidence, things are likely to get better. Numerous J-hook patterns and scoop patterns are being created, implying more upside. Stay long.

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