October 19th Daily Market Comments

The nature of the market trend remains the same, the uptrend is in progress because the indexes are above the T-line but the daily trading remains very choppy. Currently, the Dow is setting up for a J-hook pattern provided it remains above the T-line. The NASDAQ is still in a consolidation mode, trading right back down to the T-line right now. There are strong sectors. It was projected that deliveries will be behind by 7 million packages a day going into the holiday season. This is providing strength in both the delivery stocks i.e. FDX, and a number of the retail stocks, DDS, CHWY. Stay long but in specific sectors and always have safety stops in place until the market shows more consistency in one direction or the other.

 

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