January 17th Daily Market Comments

Although the Dow was trading down 300 points, the other indexes are trading relatively flat, continuing the fry pan bottom trajectory staying above the T line, as well as the 3T line. This is making each individual stock chart analysis the top criteria.

 

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January 13th Daily Market Comments

The fry pan bottom pattern in the indexes should be your ultimate analysis, keeping from being whipsawed on weaker opens each day. Continue the strategy of staying in long positions remaining above the T line but short positions need to be scrutinized. Any short positions that are not showing great weakness should be covered on any positive trading today.

 

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January 12th Daily Market Comments

Identifying that a fry pan bottom pattern has been performing in the indexes allows for sitting through knee-jerk reactions with a little bit more patience. Inflation? Not really affecting investor sentiment with any great influence. Continue to stay long on good bullish charts, there are good bearish charts working also.

 

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January 11th Daily Market Comments

The fry pan bottom pattern continues to develop in the indexes. This makes for more confidence that bullish trades are going to continue to act well without any evidence of sellers trying to take control. Long positions should be the portfolio bias.

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January 10th Daily Market Comments

Currently a lack of direction in the markets. At best a sideways motion. Continue to have both long and short positions in the portfolio. Each individual stock chart evaluation is the top criteria.

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January 9th Daily Market Comments

The positive trading on Friday did not produce reversal signals, merely positive trading. This did not negate the possibility of more upside but the lack of a candlestick reversal signal in the indexes that further upside should be viewed as not a full-scale reversal but a potential bounce. Numerous short positions should have been closed on positive trading today but be ready to re-short if this market turns around. Any long positions should be applied with safety stops in place.

 

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January 4th Daily Market Comments

Another indecisive sideways market trend with the transportation index be in the only index showing conviction.NFLX appears to be the only biggie with a direction. Continue to scan for individual stock charts that are showing strong bullish or bearish signals.

 

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January 3rd Daily Market Comments

What are the markets telling us about new strong sectors going into 2023? Nothing! However, the electric vehicle sector is showing negative bias. The lack of bullish enthusiasm in today’s market reveals investor sentiment is remaining the same as prior to the new year. The sideways mode of the market trend remains.

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December 22nd Daily Market Comments

Although yesterday’s positive trading produced bullish reversal signals, MorningStar signals, in the indexes, the T line was not yet confirmed. Today’s lower trading, especially gapping down and trading below yesterday’s opens in the indexes reveal strong bullish indications. Any bullish trades require strong confirmation. Otherwise close them out and look for short positions.

 

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December 21st Daily Market Comments

Santa Claus rally? The Dow is showing the most resiliency gapping up after a spinning top off the 50 day moving average. The NASDAQ and S&P 500 are showing MorningStar signals but still below the T line. Short positions should be covered, long positions obviously working well today.

 

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