A listless day in trading today left the major indexes mixed with the S&P down slightly, the DOW up slightly, and the broader market up moderately. The I fund fell rather hard as the dollar tacked on some gains today.
Overall, earnings have been strong, but the market is not reacting to this data with more than a yawn. While strong earnings were expected, it is probably worth noting that we are not seeing a sell the news reaction either. That and the resilience this market showed after Friday's sell-off on seemingly bad news tends to make me bullish. I think the Seven Sentinels are saying the same thing.
NAMO and NYMO didn't show much movement today and once again remain neutral. I tend to see this as bullish and think the market is looking for another opportunity (or excuse) to take off to the upside again.
NAHL and NYHL crossed over to a buy today.
TRIN and TRINQ are both flashing sells.
And BPCOMPQ seems to be putting a bit of air between it and that upper bollinger band.
We now have 5 of 7 signals on a buy, which keeps the system on a buy. In my view these signals look bullish right now. That doesn't mean we can't see a red close soon, but I think the next big move is up. Again. That's it for this evening. See you tomorrow.
Overall, earnings have been strong, but the market is not reacting to this data with more than a yawn. While strong earnings were expected, it is probably worth noting that we are not seeing a sell the news reaction either. That and the resilience this market showed after Friday's sell-off on seemingly bad news tends to make me bullish. I think the Seven Sentinels are saying the same thing.
NAMO and NYMO didn't show much movement today and once again remain neutral. I tend to see this as bullish and think the market is looking for another opportunity (or excuse) to take off to the upside again.
NAHL and NYHL crossed over to a buy today.
TRIN and TRINQ are both flashing sells.
And BPCOMPQ seems to be putting a bit of air between it and that upper bollinger band.
We now have 5 of 7 signals on a buy, which keeps the system on a buy. In my view these signals look bullish right now. That doesn't mean we can't see a red close soon, but I think the next big move is up. Again. That's it for this evening. See you tomorrow.
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