June 24th Daily Market Comments

Are we in the summer doldrums? The Dow is trading higher, the transportation index is trading lower, the NASDAQ and S&P 500 are trading flat. There may be an advantage to the markets in Trump tweets. It keeps things interesting during the summer doldrums. Currently the indexes are in an uptrend, trading above the T line. Wave three of J-hook patterns are still in progress. The lack of continuity between the indexes indicate specific stocks/sectors need to be evaluated separate from the overall market trend. Gold stocks are still acting well. Biotech stocks are holding up. Stay predominantly long but be more scrutinizing as to which sectors are acting the strongest.