July 22nd Daily Market Comments

A consolidation day. Not unexpected after a good uptrending market during the week. A Friday in the summertime is likely to see some profit-taking/consolidation. Continue to stay predominately long as long as there is not any major change of the current uptrend. It would not be unusual to see the Dow doing some consolidation, allowing the T line to catch up.GGR should not be bought until it comes back up through yesterday’s close. HUSA is a good example of why you wait for pattern confirmation.