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Daily Market Comments - February 2015


02/27 - Stock Market Comments

The consolidating nature of the markets remain in progress. Early selloffs are followed by buying. The trend remains in progress with good consolidation/profit-taking along the way, keeping investor exuberance out of the picture. Continue to stay predominantly long but now might start adding a few short positions to the portfolio.

02/26 - Stock Market Comments

The nature of the trend continues, backing and filling but with a bullish bias by the end of the day. Today the NASDAQ is continuing to trade higher while the transportation index and the S&P 500 has consolidated back to the T-line, which continues to act as support. Continue to stay predominantly long until you see obvious sell signals in all of the major indexes.

02/25 - Stock Market Comments

The nature of this uptrend remains the same, slow upward movement with consolidation along the way.

02/24 - Stock Market Comments

The market indexes continue to show consolidation on a daily basis, profit-taking usually early in the day with buying coming back in later. The profit-taking during the uptrend usually creates a much more solid/sustained uptrend. Continue to utilize the strong candlestick charts.

02/18 - Stock Market Comments

The indexes continue to show some consolidation during this current uptrend. The Dow and the S&P 500 are trading slightly lower but the transportation index is trading higher. The NASDAQ, although slightly lower, is trading above where it opened, indicating buying is continuing. Continue to stay predominantly long with emphasis on the oil stocks. Currently the 10 min. chart on crude oil is forming a wedge, providing the prospects of a breakout above the wedge, moving oil prices up toward the higher end of its trading range today.

02/17 - Stock Market Comments

The current backing and filling in the Dow and the S&P 500 is being offset by the positive trading in the NASDAQ and the transportation index. Although there is no great magnitude of movement in the markets today, there is no indication there has been any major change of investor sentiment. The uptrend remains in progress as long as there is no index closes below the T-line. Currently, the 3T-line is acting as support, indicating bullish sentiment continues to be relatively strong.

02/12 - Stock Market Comments

Thursday's Doji sandwich in the Dow implies further upside in this trend now that the Dow has broken out through the recent resistance level. The NASDAQ is showing a much more compelling chart, gapping up through the recent highs. The uptrend remains in progress until there is a definite reversal signal appearing in the Dow and the NASDAQ. Stay predominantly long.

02/11 - Stock Market Comments

While the Dow and the S&P 500 are having a hard time getting up through the current resistance level, the NASDAQ continues to head higher. This indicates there is no change of the current uptrend, merely shifting of funds. Continue to stay with the bias toward the long side but until all the indexes can confirm in the same direction with conviction, have a few short positions remaining in the portfolio.

02/010 - Stock Market Comments

Tuesday's positive trading continues to demonstrate the indecisive nature of this market. The Dow and the S&P 500 are illustrating a lack of bearish pressure based upon their use of the 50 day moving average and the T-line as support. The NASDAQ has gapped up today from an inverted hammer/Doji that formed right on the T-line.

02/06 - Stock Market Comments

Friday's positive trading in the markets have pushed them up through resistance levelswhich obviously keeps the uptrend in progress. Yesterdays Doji sandwich off the 50 day moving average in the Dow is another strong indication the uptrend should continue. Any short positions remaining in the portfolio should have compelling weakness/bad earning results.

02/05 - Stock Market Comments

Thursday's bullish trading in the Dow is creating a Doji sandwich up through the 50 day moving average and appears to the broken out of the down trending channel. The NASDAQ is currently testing the upper trend channel. Stochastics are not yet in the overbought condition, implying that today's action, provided the markets close near the high end of their trading range, will produce more upside.

02/03 - Stock Market Comments

Although Monday's positive trading was not out of characteristic of the indecisive trading that had occurred in the markets over the past few months, the Dow had bounced up off the 200 day moving average and formed a bullish Harami. This, along with the other indexes all forming bullish signals at support levels provided a good inclination the bottom of the trend channels had been reached. Tuesday's positive trading now indicates the likelihood of going back up to the top of the trade channels. This would imply a few days of bullish trading.

02/02 - Stock Market Comments

Monday's weakness in the markets are currently showing indecisive formations/Doji's. The Dow has formed a Doji in the oversold condition right on the 200 day moving average and at the same level it bottomed out in mid-December. The S&P 500, the NASDAQ, and the transportation index appear to be trading in decisively at probable support levels. The magnitude of Monday's trading does not change the trading strategy, continue to have both long and short positions in the portfolio.


 

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