Although there is not yet any consistent selling in all the market indexes, there are signs of profit-taking. The NASDAQ clearly illustrates profit-taking approximately every 4 to 5 weeks. The current signs of weakness does not necessarily mean the overall uptrend has reversed, merely profit-taking/pullback to the T-line area is in progress. Crude oil is trading higher, creating strength in the oil stocks. Gold is trading higher adding strength to the gold sector. Sectors/individual stock charts remain the prominent criteria.
February 23rd Daily Market Comments
Although there is not yet any consistent selling in all the market indexes, there are signs of profit-taking. The NASDAQ clearly illustrates profit-taking approximately every 4 to 5 weeks. The current signs of weakness does not necessarily mean the overall uptrend has reversed, merely profit-taking/pullback to the T-line area is in progress. Crude oil is trading higher, creating strength in the oil stocks. Gold is trading higher adding strength to the gold sector. Sectors/individual stock charts remain the prominent criteria.