Market In Wait January 21, 2017
Posted by Tom in Thoughts.trackback
Jan. 20, 2017 – This will be short because I’ve very busy this weekend and there’s really not much new. The chart below pretty much calls that out. I note the two areas circled in blue. (click on chart to enlarge for easy viewing)
This past week has given us narrow price bars indicating buying and selling near equal and with the volume bars (below) falling off, there’s not much activity. This market is waiting for earnings to come out and for Trump to actually “show his hand”. Then we will see some significant movement in one direction or the other.
This market is not “cheap”, so news must be positive for the up move to continue. My attention right now is toward Latin America, Precious Metals, Emerging Markets and Internet sectors. Steel & Basic Materials and select Financials are doing OK as well.
I’ll leave you with this year end study from Jez Liberty from his website at: http://www.automated-trading-system.com . (This is something you can subscribe to.) It shows what a tough time Trend Following hedge type funds have had in 2016, and we had some big moves in oil this year; in both directions.
Have a good week. ……… Tom ………
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