Daily Market Comments - August 2008
8/29 - Stock Market Comments
The positive trading on Thursday brought both the Dow and the NASDAQ up into the mid-range of the uptrending channels. The weak open today maintains the slow sideways trend channel scenario. What could have been a strong move to the upper end of the trend channel now appears to be the slow movement as experienced over the past two months.
8/28 - Stock Market Comments
The positive trading of Wednesday brought the Dow back up into the mid-range of where it has traded for the past two months. This should lead to a couple of days of positive trading until the top of the downtrending channel is reached. At that point, the trend needs to be assessed. The hurricane heading into the Gulf should be keeping oil stocks strong.
8/7 - Stock Market Comments
The markets showed good strength on Wednesday with profit-taking in the morning and buying in the afternoon. This morning's weakness on the open illustrates the lack of any great exuberance in the markets. The bias should still be bullish but cautious.
8/6 - Stock Market Comments
The extra strength in Tuesday's trading made the upward trading channel the primary analytical element. Expect some profit-taking early, then see if the Bulls are still willing to participate. A severe selling day would put the markets back in a sideways mode again. However, the probabilities are indicating more for a test of the 50 day MA in the Dow.
8/5 - Stock Market Comments
Monday's bearish trading in the markets did not change the sideways analysis again. The NASDAQ closed right on the 20 day moving average. However, this still kept it in the uptrending channel. The Dow formed another indecisive Spinning Top. Today's futures indicate a strong positive open, continuing the lack of a consistent trend direction.
8/4 - Stock Market Comments
The trading activity on Friday didn't alter the assessment that the markets are in a sideways mode. This morning's weakness continues to illustrate the lack of any trend movement in a specific direction for more than a few day's at a time. This lack of direction should still be in the primary evaluation. Sometimes this is all the market is going to give you.