June 20th Daily Market Comments

The J-hook patterns that formed in the indexes are confirming today. The Dow up 200 points illustrates wave three is in progress. Expect backing and filling but as long as the indexes stay above the T-line, as well as the 3T-line, anticipate more confidence coming into the markets. Gold stocks and oil stocks are reacting well to the bullish moves in those futures. As long as there is not evidence of severe selling, bullish investor sentiment is still in control of the market trend.