January 3rd Daily Market Comments

Candlestick formations provide much more clear evidence that Today’s selling is more of a knee-jerk reaction versus a reversal. This is due to the fact that although the indexes are much lower, they are currently trading above where they opened. This merely indicates a lower open followed by buying still participating in this market. It is not time to bail out, watch to see where the indexes closed today in relation to the T-line.