The expected consolidation is just that, although the Dow, S&P 500, and the NASDAQ are showing profit-taking after yesterday’s big price move, the transportation index is up extremely strong. This indicates there is not any consensus selling in this market, merely profit-taking. However, it will be important to see the indexes staying near the T-line area today. There are both long and short positions working well in this market.
May 17th Daily Market Comments
The expected consolidation is just that, although the Dow, S&P 500, and the NASDAQ are showing profit-taking after yesterday’s big price move, the transportation index is up extremely strong. This indicates there is not any consensus selling in this market, merely profit-taking. However, it will be important to see the indexes staying near the T-line area today. There are both long and short positions working well in this market.