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“Steady As She Goes” June 7, 2015

Posted by Tom in Thoughts.
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I’ve been hyper busy lately, so sorry that this post is late.  Let’s get right to it.

NASDAQ

The chart above is like a broken record, one that skips a track and keeps on repeating.  My “gut feel” is that this will not last much longer.  The first level at 5020 is a tallow flag of caution.  If that is breached on a closing basis we should be very careful.  Note that Market Sentiment and Money Flow indicators are neutral.  There is not much commitment out there right now.  It would appear that the Bulls & Bears” are at about equal strength.

The “utad?” Up thrust is looking less likely though.  What we’d like to see is the current price swing at or above the previous, but with volume confirmation that demand is weak (i.e. lower volume).  The next phase would be a downward move on heavy volume.  We just have not seen that yet.  I remain cautiously invested in stocks who’s sectors are showing the most strength (semiconductors, healthcare and select pharma / biotech).  I should point out that even those sectors are not exactly showing a lot of strength, just the better ones in the market as a whole.

This market is steady right now and it could go either way.  If and when it goes, it will likely move fast.   BTW, my monthly newsletter is under that tab above.  Take Care and have a good week.   ……… Tom  ……..

chart by MetaStock; used with permission.

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