October 1st Daily Market Comments

The confidence to stay predominantly long in this market has been the use of a simple trend factor, the T-line. The indexes, especially the NASDAQ, have been indicating the lack of any selling pressure in the overall market. The Canadian trade news merely adds additional bullish stimulus to what had already been a bullish trend in the market. AAPL has been forming a frypan bottom over the past few weeks, AMZN supported at the 50 day moving average last week and continues to trade above the T-line. Witnessing these stocks trading in a bullish manner, acting as bellwethers in the markets, has been showing additional bullish confidence, that there is no overall selling indications in the overall market. Continue to stay predominantly long with the knowledge that there are some short positions that continue to act well.