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Still In a Range February 19, 2016

Posted by Tom in Thoughts.
Tags: , ,

This week we got an encouraging sign, that red downward sloping trend line was broken to the up side.  Step two will be a closing price breakout above the previous swing high; 4565 for sure, but preferably 4580.  Lastly I’d like to see volume increase on those upward bars and Market Sentiment improve.  Encouraging, but we’re not there yet.


I note that volume last week was dropping off, Money Flow was weak and Market Sentiment neutral.  All in all this rally looks more like short covering and may not follow through next week.


Top sectors are listed in the table above along with their Accumulation / Distribution letter ranks.  I don’t see much leadership in Tech or Finance here and that’s a little concerning.  My holdings are few (mostly defensive) and cash is high.  One must be prepared for a breakout either way and it will likely be swift.  Keep your powder dry for now; not much else to say.  Have a good week.       ……….  Tom  ………..


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