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In The Groove (channel) March 4, 2017

Posted by Tom in Thoughts.
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Mar. 3, 2017 – So far . .  prices remain “in the groove”, i.e. the price channel.  Yes I’m cautious due to this extended rise in the market with valuations toward the high side.  But until the lower channel is broken (purple line) and then an import support level is taken out, I have to remain bullish / long.  Currently I see no signs of selling, at least not yet.  I’m watching the 5748 level on the NASDAQ Composite for a danger sign.  A close below that would concern me.

nasdaq

There is so much news swirling around that just about anything could trigger a stampede out of the market.  We see the more defensive sectors like Utilities, Healthcare, Insurance and Aerospace – Defense going fairly well.  I appears that the time to be aggressively long and sticking your neck out is long gone.  (note sector chart below)

sectors

That’s about it for this week.  Take Care & Good Trading.      ……..  Tom  …….

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