October 7th Daily Market Comments

The required bullish confirmation is confirming! Yesterday’s reversal in the Dow, closing above the T-line, needed to see positive trading today to indicate the reversal has occurred. Obviously, the premarket futures indicated the markets are going to open positive. This allows for quickly analyzing short positions that needed to be closed and buying some long positions. The gap up today through the T line after a bullish and golfing signal in the NASDAQ reveals investor sentiment has lost its bearish bias.