October 3rd Daily Market Comments

The J-hook pattern is evident in the Dow and S&P 500. The NASDAQ is not showing the same resiliency, which is good. This indicates that the markets are not in an exuberance state. There is plenty of sector rotation. There is good profitable trades both on the bullish side as well as the bearish side. Oil stocks continue to act strong, biotech’s continue to act weak. The T-line still acts as a very vital trend indicator.