Today’s positive trading, although not resilient, is implying the 50 day moving average might be acting as a support level for the Dow and S&P 500, indicating the consolidation pullback should be over. The transportation index is still demonstrating the market in general is not selling off. Anticipate another day or two of consolidation but as long as the Dow stays above the 50 day moving average, no major selling pressure has come into the markets. Stay predominantly long and have a few short positions in the portfolio.
June 13th Daily Market Comments
Today’s positive trading, although not resilient, is implying the 50 day moving average might be acting as a support level for the Dow and S&P 500, indicating the consolidation pullback should be over. The transportation index is still demonstrating the market in general is not selling off. Anticipate another day or two of consolidation but as long as the Dow stays above the 50 day moving average, no major selling pressure has come into the markets. Stay predominantly long and have a few short positions in the portfolio.