November 30th Daily Market Comments

The Dow has gapped up a second time, taking it back into the major trend trajectory. The transportation index, after a huge breakout day yesterday, continues to trade positive. The most revealing index is the NASDAQ. After a huge selloff yesterday, it has bounced back up to where the trading is back up above the T-line. Caution is still required based upon the strong buying of the past few days. This is indicating exuberance. Stay predominantly long but be a little more diligent as far as taking profits on signs of reversals.