Reversal or consolidation? More than likely consolidation, the NASDAQ has touched the 50 day moving average and appears to be supporting at that level. The Dow is not trading off with any great urgency. And the transportation index continues to trade positive, indicating there is no mass bailout in this market. Continue to stay predominantly long but having a few short positions in the portfolio is prudent.
July 30th Daily Market Comments
Reversal or consolidation? More than likely consolidation, the NASDAQ has touched the 50 day moving average and appears to be supporting at that level. The Dow is not trading off with any great urgency. And the transportation index continues to trade positive, indicating there is no mass bailout in this market. Continue to stay predominantly long but having a few short positions in the portfolio is prudent.