May 9th Daily Market Comments

The markets continue to trade in decisively but the NASDAQ is trading in decisively above the resistance levels, the Dow is trading in decisively just below the resistance levels and the S&P 500 is trading in decisively right at the 50 day moving average. This makes the market conditions good for being in strong bullish chart patterns such as the oil stocks. As long as there is no evidence of a change of investor sentiment, each individual stock chart becomes the main criteria. Stay predominantly long, especially if the Dow can close above the 50 day moving average.