The strength in the market continues to confirm fry pan bottom patterns, both in the indexes as well as in individual stocks. J-hook patterns continue. As long as the market indexes continue to trade above the T-line, it is still assumed the uptrend is in progress. However, the distance the indexes have moved away from the T line, although they are still in fry pan bottom patterns, at least creates a warning for potential profit-taking. Continue to stay predominately long but be prepared for profit-taking, have safety stops in place.
October 12th Daily Market Comments
The strength in the market continues to confirm fry pan bottom patterns, both in the indexes as well as in individual stocks. J-hook patterns continue. As long as the market indexes continue to trade above the T-line, it is still assumed the uptrend is in progress. However, the distance the indexes have moved away from the T line, although they are still in fry pan bottom patterns, at least creates a warning for potential profit-taking. Continue to stay predominately long but be prepared for profit-taking, have safety stops in place.