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Daily Market Comments - November 2017

11/08/17 - Stock Market Comments

The potential reversal signals of yesterday, Doji's and bearish Harami's, in the indexes provided the prospect of some profit-taking/consolidation. Today's weakness in the markets can be construed as profit-taking versus a market reversal based upon the indecisive nature of Today's trading.

11/07/17 - Stock Market Comments

Today's trading is not showing any change of trend/investor sentiment. However there is an interesting formation and the transportation index. It is currently forming and inverted hammer signal right on the 50 day moving average. It is still early in the day but watch this index. A bounce up off the 50 day moving average creating wave three would be a strong indication that the uptrend in all the market indexes will remain in progress. The prognosis remains the same, stay predominantly long and have a few short positions in the portfolio.

11/06/17 - Stock Market Comments

The markets continue to show slow bullish strength. The big stocks,NVDA, AMZN, AAPL are maintaining steady bullish uptrends. Pattern breakouts are working, such as wedge breakouts in NFLX and ZYNE. As long as the overall market trend continues its steady but slow uptrend, the big profits are going to be made in pattern breakouts. Continue to stay predominantly long and maintain the short positions i.e. WATT as long as It does not demonstrate bullish reversal signals.

11/03/17 - Stock Market Comments

Nothing has been changed, today's relatively flat trading in the markets are demonstrating the uptrend remains in progress. This has made some candlestick breakouts very profitable. JUNO and BLUE have produced some big gains due to the bullish flutter kicker. Breakout patterns produce much stronger gains when it can be analyzed that the overall market is not showing any dramatic change of direction. The slow market movement still makes having both long and short positions in the portfolio of viable trading strategy.

11/02/17 - Stock Market Comments

The devil may be in the details! Everybody anticipates the tax cuts should boost the market, but the details of the tax cut may throw the politicians into a tizzy. The anticipation of how hard it will be to get the tax bill passed may have a deterrent on the market trend. This still requires attention to each individual stock chart, with long positions not demonstrating reversal signals and staying above the T-line while short positions should not be demonstrating buy signals and a close backup above the T-line. This needs to be watched more diligently based upon the potential of political rhetoric whipsawing the markets. Be ready to go more into cash if the markets start showing choppy reactions of political blubbering.
11/01/17 - Stock Market Comments

The tax plan delayed for a day, bad? Today's bullish trading in the markets may be the acknowledgment that a tax plan is about ready to be presented. Whatever the reason, it doesn't matter. The markets continue to demonstrate bullish sentiment. Is this exuberance at the top? Less likely, due to the fact that the S&P 500 and the Dow have been in a sideways consolidation for the past week and a half.

 

 

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