Another gap down gave way to more dip buying today, as stocks found their footing fairly quickly and built on that modest upward momentum upon hearing the news of the Egyptian Presidents departure. By the end of the day the broader market posted respectable gains across the board.
For most of the day I was away from my computer and unable to follow the action as I attended the World MoneyShow at the Gaylord Palms resort hotel here in Orlando, FL. Many well-known money people were in attendance and I listened to several speakers including Joe Battipaglia and John Dessauer. I wish I had more time as there were many topics covered by dozens of other speakers.
I'm not going to post any charts this evening, but I did review them. NAMO, NYMO, NAHL, NYHL, and TRIN are now on buys. TRINQ remains on a sell and BPCOMPQ is also on a sell, but very near a buy after today. In addition, NYMO is now about 2 points away from a 28 day trading high. So the charts reversed very quickly after flashing an unconfirmed sell signal yesterday.
I continue to believe we are more likely to see a confirmed buy signal than a sell at this point. Monday's have been largely positive for months, so it might happen early on next week. We'll just have to wait and see how it plays out.
See you later this weekend when I post the Tracker charts.
For most of the day I was away from my computer and unable to follow the action as I attended the World MoneyShow at the Gaylord Palms resort hotel here in Orlando, FL. Many well-known money people were in attendance and I listened to several speakers including Joe Battipaglia and John Dessauer. I wish I had more time as there were many topics covered by dozens of other speakers.
I'm not going to post any charts this evening, but I did review them. NAMO, NYMO, NAHL, NYHL, and TRIN are now on buys. TRINQ remains on a sell and BPCOMPQ is also on a sell, but very near a buy after today. In addition, NYMO is now about 2 points away from a 28 day trading high. So the charts reversed very quickly after flashing an unconfirmed sell signal yesterday.
I continue to believe we are more likely to see a confirmed buy signal than a sell at this point. Monday's have been largely positive for months, so it might happen early on next week. We'll just have to wait and see how it plays out.
See you later this weekend when I post the Tracker charts.
