February 21st Daily Market Comments

The direction of today’s trading was easily anticipated by the formation of a Doji tape day yesterday. The Dow had come back up toward the top end of the trading range forming a Doji type day but it still closed below the T-line. It needed to open positive and trade positive to confirm that the T-line was still acting as a bullish support.

 

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February 20th Daily Market Comments

The markets still do not demonstrate any selling pressure. Today’s lower open, the Dow opening right on the T-line, appear to be normal morning profit-taking. Nothing has changed the trend sentiment. Candlestick patterns are still producing good profits, i.e. the fry pan bottom.

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February 20th Daily Market Comments

The markets still do not demonstrate any selling pressure. Today’s lower open, the Dow opening right on the T-line, appear to be normal morning profit-taking. Nothing has changed the trend sentiment. Candlestick patterns are still producing good profits, i.e. the fry pan bottom. Today’s recommendation on a potential wedge breakout of CNSL is up 32% so far Today.

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February 18th Daily Market Comments

The Dow is the weakest index, trading back below the T-line. The NASDAQ trading lower but above where it opened, indicating the lack of any corroborating mass selling pressure. The S&P 500 trading lower but  an indecisive day. This indicates the lack of any major change of investor sentiment, confirming the prognosis of the slow uptrend of the overall market but with a daily choppy manner.

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February 14th Daily Market Comments

Although the market indexes are not moving with any great force, the kicker signals are working very well. Our position in BTAI had a bullish kicker signal yesterday, good results. SPWR had a bearish kicker signal, that short is working well. CCL is failing at the T-line with a bearish flutter kicker signal. Strong candlestick signals will override the general trend of the market or the lack of any trend of the market. NVDA a best friend breakout through the resistance level.

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February 13th Daily Market Comments

Yesterday the markets formed trend kicker signals. This would imply continued strength in the market. Today’s gapped down obviously not confirming any follow-through strength but currently trading above the T-line indicates the uptrend is still in progress but will be characterized with profit-taking occurring along the way. This makes short-term trading more difficult while making holding trending positions the strategy for this market. Trading above the T-line is still the ultimate trend analysis.

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February 12th Daily Market Comments

The positive open has produced a trend kicker signal in the Dow. This implies more strength in the uptrend and also developing a J-Hook pattern in the Dow. The NASDAQ and S&P 500 also gapping up today confirms the uptrend continuing the trajectory of the market prior to the recent selloff. Currently there is no indication of a change in the bullish sentiment of the markets. The longer the uptrend persists, the greater the prospects of taking profits in specific stock/sectors and rolling over into new sectors. This is made much more clear utilizing the candlestick scanning techniques. Continue to stay predominately long and always keep your safety stops in place.

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February 10th Daily Market Comments

The selling on Friday was not unexpected with the Dow moving up well over a thousand points in four days of trading. This had moved the Dow away from the T-line. The lower open on Friday confirmed selling after the hanging means/dragonfly Doji that formed in the Dow on Thursday. The consolidation/profit-taking at a likely target of moving back to the T-line. Today the Dow opened on the T-line and immediately started trading higher.

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February 7th Daily Market Comments

Today’s profit-taking was not unexpected, not because the markets hit all-time highs yesterday, but that the market indexes had moved too far away from the T-line. Today the selling is blamed upon the China virus, or the jobs numbers being strong deters the possibilities of another rate cut. They will always find a reason for the selling. What is more important is analyzing the candlestick charts to show what is likely to happen based upon human nature. The Dow was up over a thousand points this week, profit-taking was expected. This does not alter the uptrend.

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February 6th Daily Market Comments

As anticipated, the markets have moved up fast enough to expect profit-taking. Although the indexes are trading positive or flat so far today, they are currently trading below where they opened. Numerous stock prices are also revealing profit-taking. The markets are trading well above the T-line, indicating the uptrend remains in progress but expect some consolidation waiting for the T-line to catch up. Expect some churning over the next few days of trading. Stay long but attentive.

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