Daily Market Comments - August 2013
08/30 - Stock Market Comments
08/29 - Stock Market Comments
08/28 - Stock Market Comments
Tuesdays hard selling created a potential bearish J-hook pattern in the Dow. This indicates that investor sentiment has definitely continued in the negative direction. Do not anticipate today's early buying is demonstrating a major change of investor sentiment.
08/27 - Stock Market Comments
Tuesday's selling, a continued reaction to the Syria question, has the Dow trading at a minor support level. It will be important to see how the markets close Tuesday. Observing buying going into the close Tuesday, creating a hammer type signal in the Dow would indicate this minor support level is likely to hold.
08/26 - Stock Market Comments
08/23 - Stock Market Comments
08/22 - Stock Market Comments
08/21 - Stock Market Comments
08/20 - Stock Market Comments
The indexes are getting back to a point where they are in the oversold condition. Tuesday's positive trading in both the Dow and the S&P 500 have the potential of forming bullish Harami's. This would tell us that the selling had stopped. Until there is a dramatic change of investor sentiment, it has to be considered that the downtrend remains in progress.
08/19 - Stock Market Comments
08/16 - Stock Market Comments
08/15 - Stock Market Comments
08/14 - Stock Market Comments
Although the Dow is trading down 45 points, the NASDAQ and the S&P 500 are demonstrating that they are not selling off. Makes the trend analysis more of the same, the sideways mode is still in progress. This makes market conditions still in the process of allowing strong/bullish charts to continue working and short chart positions going negative.
08/09 - Stock Market Comments
A Friday in August, usually not going to show too much vigor especially in the afternoon. Currently the markets are showing sideways movement but that has not deterred the number of strong charts performing very well Friday. Take off at least half positions in breakout recommendations, such as MTDR and AMED. There will probably be more opportunities early next week.
08/08 - Stock Market Comments
The Dow and the S&P 500 are still trading below the T-line but the NASDAQ continues to use the T-line as a support area. This combination reveals there is no aggressive selling in the markets, but no aggressive buying either. The candlestick charts indicate the lethargic summer trading is in progress, no conviction one way or the other. This allows for short and long positions to be working effectively. When the markets are moving relatively sideways, there will always be sectors that are acting strong while other sectors are acting weak.
08/07 - Stock Market CommentsThe visual elements of candlestick signals allows for the closing of positions upon confirmation of sell signals. Wednesday is a good example. Numerous stock positions Tuesday showed potential sell signals. This morning, the premarket futures indicated more weakness. This was a good scenario for being prepared to close out long positions that were opening lower after Tuesdays sell signals. Currently, as can be seen, the markets are continuing their pullback after the Dow and the S&P 500 closed below the T-line Tuesday.
08/06 - Stock Market Comments
Tuesday's market closed be an extremely important message. With the excessive selling so far this morning, the Dow has traded back below the T-line, even breaching the 20 day moving average. Up until Tuesday, the markets have been showing a consistency. Selling in the morning with buying in the afternoon. If the markets close at the lower end of their trading range today, they will be producing a bearish scoop pattern. This would be a prelude to a strong slingshot effect to the downside. It will be very important to see if the indexes can close back up above the T-line.
08/05 - Stock Market CommentsThe early selling of the Dow use the T-line as support once again. The NASDAQ and the S&P 500 didn't show any movement on the open. These are two reasons to indicate any selling this morning was merely profit-taking versus any change of investor sentiment. Continue to hold long positions until something drastically alters the uptrend.
08/01 - Stock Market Comments
The NASDAQ had been indicating a slow curve pattern off the T-line over the past two weeks. Thursday's positive trading is a confirmation of the slow curve. It also indicates a J-hook pattern has been established, provided the indexes close at the high end of their trading range Thursday, that would produce the next strong wave to the upside. Nothing to do now except stay long until you see a candlestick sell signal.