May 3rd Daily Market Comments

Although the markets are up strong, the Dow trading higher is still not producing a strong indication yet. It is having trouble get up through the T-line. However, the NASDAQ, S&P 500, and the transportation index are currently showing good strength after the Doji type days yesterday and now trading backup above the T-line. This will be good verification that the past few days of selling in the markets was merely profit-taking/consolidation, provided those three indexes do close above the T-line Today. Stay predominantly long but make sure the bullish sentiment stays in the market going into the close Today.