June 18th Daily Market Comments

The market is not showing any major direction. The Dow is trading right at the T-line after trading much lower. The NASDAQ continues to trade flat for the last three trading days, not showing any direction. However, this is allowing fry pan bottom’s to perform very well. When the market in general is not showing any dramatic direction, utilizing the candlestick patterns provide much better probabilities of producing profitable trades. The patterns are the accumulation of investor sentiment, disregarding what the overall market direction is doing. Currently all the indexes are hovering just above or below the T-line. Stay long but be ready to close positions on hard selling.