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October 12 Market Wrap-Up

Although the major indexes are relatively indecisive today, the transportation index is still providing a very solid J-hook pattern breakout. This implies that there is no selling prospects, merely some resting and profit-taking in the market trends. These market conditions are making the analysis of each individual stock chart the primary analysis. Stay long in charts that are not showing any potential sell signals. Because candlestick charts are the graphic depiction of investor sentiment, the analysis of the overall market trends become relatively simple. With the transportation index trading higher, in a J-hook pattern, this implies there is more upside. Although the other indexes are starting to show little bit of consolidation, the lack of consistency in all the indexes merely indicate that some sectors are selling off while other sectors continue to be bought. This puts a lot of analytical power in candlestick investors analysis. If the overall market is not in a stage of consensus selling, each individual stock chart can be analyzed based upon its own merits knowing that there is not across-the-board selling.

 

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