February 11th Daily Market Comments

The positive trading going into the close on Friday brought the indexes backup above the T-line. Today, although the Dow is trading slightly lower, the NASDAQ and S&P 500 are trading slightly higher. This is currently making the T-line support that much more viable. Most importantly, the transportation index is trading up strong today. This is making the overall prognosis continuing to lean more toward profit-taking occurring during the current uptrend. Note that numerous individual stock charts are in the process of forming J-hook patterns. Watch the T-line.