Profit-taking appears to be in progress, not unexpected after a strong run in the market over the past few trading days. Today’s selling does not illustrate any major trend reversal, merely some backing and filling. Numerous stocks have hit resistance levels, incurring some profit-taking. The Dow continues to trade higher but currently well off its highs. There is nothing yet to show any major change of investor sentiment. Stay long as long as the indexes remain above the T-line.
January 8th Daily Market Comments
Profit-taking appears to be in progress, not unexpected after a strong run in the market over the past few trading days. Today’s selling does not illustrate any major trend reversal, merely some backing and filling. Numerous stocks have hit resistance levels, incurring some profit-taking. The Dow continues to trade higher but currently well off its highs. There is nothing yet to show any major change of investor sentiment. Stay long as long as the indexes remain above the T-line.