February 8th Daily Market Comments

A consolidation day, the NASDAQ is trading higher while the Dow and S&P 500 are trading lower but indecisively lower. The fry pan bottom breakout patterns continue to show good strength. The T-line remains a very effective trend indicator. Expect some profit-taking but utilizing the nature of each candlestick formation will indicate whether the sellers have taken control or whether it is merely profit-taking. Currently, nothing the selling off with any great resiliency. Stay predominately long, keep stops in at logical reversal areas.