As anticipated, the markets have moved up fast enough to expect profit-taking. Although the indexes are trading positive or flat so far today, they are currently trading below where they opened. Numerous stock prices are also revealing profit-taking. The markets are trading well above the T-line, indicating the uptrend remains in progress but expect some consolidation waiting for the T-line to catch up. Expect some churning over the next few days of trading. Stay long but attentive.
February 6th Daily Market Comments
As anticipated, the markets have moved up fast enough to expect profit-taking. Although the indexes are trading positive or flat so far today, they are currently trading below where they opened. Numerous stock prices are also revealing profit-taking. The markets are trading well above the T-line, indicating the uptrend remains in progress but expect some consolidation waiting for the T-line to catch up. Expect some churning over the next few days of trading. Stay long but attentive.