jump to navigation

Hopeful, but Not Great October 12, 2019

Posted by Tom in Thoughts.
Tags: , ,

Oct. 10, 2019 – This will be short since I’m “on the road”.  The gap up on Friday was “hopeful”, but the close was very weak (Not Great), hence the price action did not confirm that a new up trend had begun.  For this reason I think it’s wise to go slow until the structure of this market improves.  No need to be a hero in here.

It sure would be nice to see a solid close above the 8062 level on the NASDAQ Composite Index.  Volume is picking up but the “Money Flow” indicator shows that a lot of selling was done and so far has not been over come with buying.  Once again “news” has driven the market and if things don’t “pan out” with trade negotiations, the market could revert back lower.  Until we see some earnings coming across the wire from the end of the 3rd quarter, we will likely not be on solid footing.  I am not convinced that the all clear sign has been given just yet.

The sector table is below.  I note that Technology is the most optimistic of the sectors.  Not surprising since that area got hit hard during the last down swing.

I am slowly taking small position in here; the light hedge has been removed.  Have a good and cautious week.   ………….  Tom  ……………….


No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: