Nasdaq and NYSE Market Updates
An interesting point in time - today's price action has initiated a new upswing.
trendvue.com
Taken on face value - a new short term up trend has begun. It may get slammed right down tomorrow, and indeed as long as its in the range, the risk is high, but as far as we know, price is pointing up as of today.
Teresa did an excellent article today, on constructing If / then / else scenarios, using the DOW as the subject matter. If you haven't read it, you can get it here: trendvue.com
I've been reading comments and hearing from many people who are frustrated by the lack of direction. This isn't surprising - the sideways action of many markets and stocks has been going on since early November.
And worse, in many popular stocks, we are noting that a large number have broken down and are in fact much worse off than the indicies would suggest.
"We don't know where it/we are going" is the feeling shared by many.
There's a lot to be fearful about, and indeed the long term downtrend may reassert itself, but the reality is that while price is stuck in the range, there is no direction.
So far the market internals are holding up:
Nasdaq - trendvue.com
NYSE - trendvue.com
But price will be our guide. I am personally long from the 23rd, stops in place at or near break even, if the market does head down for a test of the recent lows, I certainly will not begrudge giving up a few dollars in commissions to be stopped out. A second trip to the 22 / 23 lows on the daily will almost certainly mean a retracement of some significance.
But one day at a time... |
