November 7th Daily Market Comments

Today’s trading is not showing any change of trend/investor sentiment. However there is an interesting formation and the transportation index. It is currently forming and inverted hammer signal right on the 50 day moving average. It is still early in the day but watch this index. A bounce up off the 50 day moving average creating wave three would be a strong indication that the uptrend in all the market indexes will remain in progress. The prognosis remains the same, stay predominantly long and have a few short positions in the portfolio.