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Slow Grind Upward July 30, 2016

Posted by Tom in Thoughts.
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July 29, 2016 –  This will be a short posting, but not much has changed.  The market are continuing to grind higher, but notice the series of narrow range bars.  Buying and selling pressure is about equal.  Volume is picking up though.  It’s looking more and more like the UTAD ?” label is off the table.

NASDAQ

The price action is slowing and rolling over a bit, so I’ve drawing a additional short term trend line to reflect that.  There are not a lot of great buying opportunities though Wireless, Semiconductor and Tech in general are the strongest areas of the market.  I’m also keeping an eye on Emerging Markets.  The question is whether this is the “Summer Doldrums” or the market showing signs of fatigue?  I have been carefully adding positions and watching for sectors to “roll over” as money tries to find the best place to be.

Overall market sentiment is bullish and the trend remains up.  Have a good week.    ………..  Tom  …………

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