Although the Dow is trading up strong again today, rampant enthusiasm still has not permeated this market. Yesterday’s positive trading demonstrated the indexes were going to stay above the T-line, implying the uptrend remains in progress. However, with the Dow trading up 175 points, the transportation index and the S&P 500 trading moderately higher, the NASDAQ is trading lower. This combination demonstrates that bullish and bearish sentiment is evident in specific sectors. The prognosis remains the same, the slow uptrend of the markets continues but still with very selective stocks/sectors. Have both long and short positions in the portfolio with the bias toward the long side.
September 19th Daily Market Comments
Although the Dow is trading up strong again today, rampant enthusiasm still has not permeated this market. Yesterday’s positive trading demonstrated the indexes were going to stay above the T-line, implying the uptrend remains in progress. However, with the Dow trading up 175 points, the transportation index and the S&P 500 trading moderately higher, the NASDAQ is trading lower. This combination demonstrates that bullish and bearish sentiment is evident in specific sectors. The prognosis remains the same, the slow uptrend of the markets continues but still with very selective stocks/sectors. Have both long and short positions in the portfolio with the bias toward the long side.