Today’s selling was somewhat telegraphed last week with numerous indecisive/Doji trading days in the indexes. With the >Doji days occurring in the overbought condition after a good uptrend, it provided suspicion of some profit-taking about ready to occur. Anticipate more consolidation but not necessarily a reversal in the market indexes as long as they continue to trade above the T-line. This provides opportunities to analyze each individual position in the portfolio to evaluate whether it is time to take profits and look for other sectors that are about ready to start uptrends. The biotech sector is showing good strength.
November 11th Daily Market Comments
Today’s selling was somewhat telegraphed last week with numerous indecisive/Doji trading days in the indexes. With the >Doji days occurring in the overbought condition after a good uptrend, it provided suspicion of some profit-taking about ready to occur. Anticipate more consolidation but not necessarily a reversal in the market indexes as long as they continue to trade above the T-line. This provides opportunities to analyze each individual position in the portfolio to evaluate whether it is time to take profits and look for other sectors that are about ready to start uptrends. The biotech sector is showing good strength.