October 2nd Daily Market Comments

The market characteristics remain the same as the past few weeks, a slow uptrend but without any evidence of exuberance. Today’s trading shows the indexes trading mildly higher, except for the transportation index, which appears to be pulling back to test the 50 day moving average. Although the overall trend is continuing positive, numerous stocks can be seen to be taking profits and/or in sustained downtrends. The bias obviously is to the upside with short positions also in the portfolio.