The indexers continue a slow uptrend. However, the transportation index has sold off hard Today, back to the 50 day moving average. This needs to be addressed because it reveals one area where selling may be starting to take place. It will be important to see if the transportation index trades back up well off its bottom of the trading range, indicating profit-taking in that area versus the first signs of selling. Currently the uptrend continues but note that the trading days are becoming more indecisive, Doji type days. Continue to stay predominately long but have safety stops in place.
December 18th Daily Market Comments
The indexers continue a slow uptrend. However, the transportation index has sold off hard Today, back to the 50 day moving average. This needs to be addressed because it reveals one area where selling may be starting to take place. It will be important to see if the transportation index trades back up well off its bottom of the trading range, indicating profit-taking in that area versus the first signs of selling. Currently the uptrend continues but note that the trading days are becoming more indecisive, Doji type days. Continue to stay predominately long but have safety stops in place.