The NASDAQ has gapped up through the recent highs but is selling off a little bit after the open. It needs to stay above the recent highs, not forming a bearish belt hold signal. A strong up day in the overbought condition puts out the alert to start watching for profit-taking. Stay predominantly long but remain nimble. Crude oil stocks are still weak due to crude oil prices still selling off hard.
October 31 Daily Market Comments
The NASDAQ has gapped up through the recent highs but is selling off a little bit after the open. It needs to stay above the recent highs, not forming a bearish belt hold signal. A strong up day in the overbought condition puts out the alert to start watching for profit-taking. Stay predominantly long but remain nimble. Crude oil stocks are still weak due to crude oil prices still selling off hard.