The expected profit-taking, after yesterday’s big move back up through the T-line, is expected. But the magnitude of the selling today indicates profit-taking versus any major change of investor sentiment. As long as the indexes continue to trade above the T line, assume the uptrend is in progress. Oil stocks are now resuming their uptrends with crude oil prices up over $55 a barrel. The market continues to be sector specific, Biotech’s are showing strength.
February 3rd Daily Market Comments
The expected profit-taking, after yesterday’s big move back up through the T-line, is expected. But the magnitude of the selling today indicates profit-taking versus any major change of investor sentiment. As long as the indexes continue to trade above the T line, assume the uptrend is in progress. Oil stocks are now resuming their uptrends with crude oil prices up over $55 a barrel. The market continues to be sector specific, Biotech’s are showing strength.