The ShootingStar failure of the Dow at the upper trend channel resistance level produced good probabilities that a reversal could be in effect. The magnitude of today’s selling is the reflection of a change of investor sentiment that had already been in progress in the NASDAQ. Unless long positions are showing good strength, the Long’s should be closed and more short positions added.
May 11th Daily Market Comments
The ShootingStar failure of the Dow at the upper trend channel resistance level produced good probabilities that a reversal could be in effect. The magnitude of today’s selling is the reflection of a change of investor sentiment that had already been in progress in the NASDAQ. Unless long positions are showing good strength, the Long’s should be closed and more short positions added.