The T-line continues to hold as demonstrated in the Dow. The other indexes are trading higher but not with any great conviction. The markets appear to be still in a wait and see mode. They are in the middle of a wedge pattern, not showing any great conviction to the upside or the downside. Numerous positions appear to be in a profit taking stage Today. The current uptrend in the market indexes are very calculated, very slow. Be prepared to take profits on charts that have appeared to run out of steam. It is better to have cash available to see which new stocks/sectors become more tradable. The uptrend continues but is very tentative.
October 22nd Daily Market Comments
The T-line continues to hold as demonstrated in the Dow. The other indexes are trading higher but not with any great conviction. The markets appear to be still in a wait and see mode. They are in the middle of a wedge pattern, not showing any great conviction to the upside or the downside. Numerous positions appear to be in a profit taking stage Today. The current uptrend in the market indexes are very calculated, very slow. Be prepared to take profits on charts that have appeared to run out of steam. It is better to have cash available to see which new stocks/sectors become more tradable. The uptrend continues but is very tentative.