Daily Market Comments - May 2015
05/29 - Stock Market Comments
Although the indexes are trading lower today, there are numerous stocks/sectors continuing to trade positive. This is still an indication there is no buying or selling consensus in the overall markets. Continue to trade each stock chart based upon its own formations.
05/28 - Stock Market Comments
Broken record analysis, the indexes continue to show indecisive trading. As mentioned yesterday, just because yesterday was a bullish day did not necessarily mean the Bulls had taken control. The characteristic of the markets remain the same, indecisive/sideways. Each individual chart remains the predominant analytical factor.
05/27 - Stock Market Comments
Today's positive trading in the indexes continues to show a lack of decisiveness in the market trend. The NASDAQ, having the strongest sell signal yesterday, is showing a bullish Harami, and trading back up above the T-line. The nature of the market remains consistent with its characteristics over the past three months, remaining very indecisive. This continues to make each individual stock chart/sector chart the predominant trading factor.
05/26 - Stock Market Comments
The weakness in today's trading has taken the indexes back below the T-line. It also reveals investor sentiment did not move the market indexes into new high territory. The sideways trend channel remains in effect unless bullish sentiment can move the indexes back up above the T-line before the end of the day. However, the Doji/shooting star signal in the NASDAQ, followed by today's gap down and selling, indicates bearish pressures are back in control.
05/22 - Stock Market Comments
The market indexes still show indecisive investor sentiment. The NASDAQ continues to trade positive while the transportation index keeps bobbing on its lower trend channel. The Dow and the S&P 500 are demonstrating very indecisive movement. These market conditions continue to provide opportunities and specific stocks/sectors, both on the long side and the short side.
05/20 - Stock Market Comments
Today's early selling continues to demonstrate a relatively indecisive slow uptrend in the markets. Keep in mind, an uptrend usually consists of selling in the morning with buying coming back in later in the day. Currently there is no evidence of a change of investor sentiment from the current slow uptrend.
05/19 - Stock Market Comments
After the Dow has broken out of the wedge formation last week, the trend is now easier to analyze as long as the Dow stays above the T-line, and more so, the 3T line. Currently the indexes demonstrate a slow uptrend without any change of investor sentiment. The trading strategy should remain the same, let each individual stock chart be the main criteria with the bias toward long positions but still having some short positions in the portfolio.
05/14 - Stock Market Comments
The indecisive nature of this market is still evident with the Dow trying to nudge through the upper resistance level while the transportation index is trying to support on the lower support level. The NASDAQ and the S&P 500 are trading in the middle of their trading ranges. The nature of the market trading continues to indicate more evidence that each stock/sector is the primary analysis.05/13 - Stock Market Comments
The trend of the market remains obvious, there is no trend. This continues to make each individual stock chart the primary criteria. Have both long and short positions in the portfolio.
05/08 - Stock Market Comments
The Dow has moved from the bottom of the wedge formation back to the top of the wedge formation in two trading days. Although the indexes are showing good strength today based upon the jobs report, watch to see what occurs now that the upper resistance levels are being tested. Continue to hold long and short positions based upon the individual chart patterns.
05/07 - Stock Market Comments
The market direction is still very obviously hard to evaluate. Today's positive trading has to be viewed with some skepticism. The NASDAQ and the S&P 500, although trading positive, are still trading below the recent support level. The Dow is trying to get back up into the wedge formation but is not there yet. At best, the markets are still in a sideways mode but with the probabilities biased more to a down trend. Unless there is a huge bullish day in the markets today, bringing the indexes back up well into the wedge formation, expect a slow drift to the downside.
05/06 - Stock Market Comments
A market of definite indecision!!! The bottom of the wedge formation was breached on lower trading so far today but now the indexes have come back up into the wedge formation. The trend analysis remains fairly simple. A close at the low end of the trading range today would indicate the lower support level of the wedge has been broken. A close within the wedge formation reveals the sideways mode of the market remains in progress. Crude oil prices are up another $1.50 today, making oil stocks still a viable sector.
05/05 - Stock Market Comments
The market characteristics are remaining the same, indecisive trading moving the indexes sideways. The Dow and the S&P 500 continue in their wedge formation. The NASDAQ remains in its trend channel. The analysis remains the same, a sideways market until there is a breakout one way or the other. Oil stocks are acting well today based upon crude oil prices moving up another two dollars.
05/04 - Stock Market Comments
The wedge formation in the Dow and the S&P 500 is still very much in effect. After the Dow tested the lower channel of the wedge on Thursday, Friday's bullish trading and today's bullish trading is now nudging the top of the channel again. Watch to see if the wedge formation is breached one way or the other over the next couple of trading days. There will be a strong move in that direction.
05/01 - Stock Market Comments
The wedge formation continues to act as the predominant pattern for the Dow and the S&P 500. The NASDAQ appears to be supporting at the bottom of the trend channel/50 day moving average.