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A Blah, Waiting Market April 15, 2016

Posted by Tom in Thoughts.
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April 15, 2016 – The major banks reported this past week and with mixed reported results, did fairly well (much to most traders surprise).  This market is holding up, but it did flirt with going from “Bullish” to “Neutral” on Monday, so we’re hanging in there but not by much.  Thursday and Friday were slow (price & volume wise) because of (potentially) big news meetings this weekend.  The ECB (European Central Bank), Brail’s impeachment vote and OPEC are all on the docket.  Not many folks were looking to add positions right before these meetings.

NASDAQ

We’re hovering near that purple upward facing trend line and above the last resistance level.  I don’t see major Wyckoff signs of a Buying Climax or any wild Up Thrust of price on low volume.  We continue to make higher highs and higher lows, and so the markets character has not changed.

And the market has turned rather “Blah” waiting for easy money or oil news going forward.  Earnings have just been OK so far and that’s another wild card with many big names reporting next week.  Gold (and miners) corrected a bit but picked right up again.  We need something to propel prices higher.  If not, we’ll likely fall back into the familiar trading range.

Of all the stocks in my watch list, these are the major sectors that they are from:

Top Sectors(click on any graphic to enlarge it for easy viewing)

With all of actions going on in the next 7 days we may not have to wait very long for a move one way or the other.  In the mean time, I’m “cautiously long” select stocks and sector funds.  Have a good week.   ….  Tom  ….

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