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Daily Market Comments - September 2010

10/1 - Stock Market Comments

Friday's positive trading makes the T-line more likely to act as support. Yesterday show the opportunity for a selloff but did not confirm Friday. Continue to hold long positions bought a close below the T-line today would warrant adding short funds to the portfolio.

9/16 - Stock Market Comments

The markets are doing a good job of backing and filling each day and creating profit-taking during this uptrend. This is a healthy sign. Expect a day or two of major profit-taking in the near future. Anticipate a test of the 200 day moving average to see if it's going to act as a support level. But even during profit-taking, strong candlestick charts will not show weakness during a temporary pullback.

9/14 - Stock Market Comments

The markets are opening up slightly soggy this morning with the expected profit-taking after a nice bullish run over the last two weeks. The uptrend should remain in progress as long as the Dow doesn't close below the 200 day moving average or the T-line. Analyze your charts and be prepared to take some profits in the charts that have been getting toppy. However, expect any selling on Tuesday to be profit-taking.

9/13 - Stock Market Comments

A positive open was needed to indicate the 200 day moving average was not going to act as resistance for the Dow. The NASDAQ is just now nudging the 200 day moving average. It gapped up Monday at the same level it gapped down about a month ago. Be careful at these levels, if the NASDAQ runs out of steam at the 200 day moving average, a Pennant formation could be in progress. A failure at the 200 day moving average would also confirm the downtrending resistance line. It will obviously be very important to see whether there is strength in the market by the end of the day.

9/10 - Stock Market Comments

The Bulls controlled the market most of the day on Thursday. Friday's positive trading on the open, although very slight, reveals the uptrend is still in progress. The 200 day moving average is the main technical level to contend with. Expect some consolidation between the 200 day moving average and the T-line for the next couple of days of trading. Stay long.

9/9 - Stock Market Comments

 Thursday's positive trading makes Tuesday's selloff a profit-taking day. The Dow is currently trading back up above the 200 day Moving average. If the markets closed strong Thursday, look for both the Dow and the NASDAQ to test recent highs. Remain long and remain nimble.

9/8 - Stock Market Comments

The pullback of Tuesday indicated a failure of the Dow to go through the 200 day moving average. This would indicate profit-taking back to the T-line or the 50 day moving average. Long positions should be held provided there hasn't been a breach in the chart. Look for some more selling on Wednesday but use that as an opportunity to buy long positions if it becomes evident the 50 MA and the T-line are going to act as support.

9/7 - Stock Market Comments

The market has remained resiliently strong over the past three trading days. It would not be unusual to see some profit-taking as everybody comes back from  the long weekend. Continue to stay long. There hasn't been anything yet to show that the sellers are wanting to take control.

9/3 - Stock Market Comments

Thursday could've been a day of profit-taking but the Bulls were persistent ever since the open. It appears there will be more positive trading today but don't be surprised to see some profit-taking on a Friday. Stay long. As long as the markets remain above the T-line, an uptrend is in progress.


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