It would seem we no longer have to gather intel to find a good entry point in the market. Just push your cash in on Friday and you're almost guaranteed to hit the jackpot.
I'm kidding of course, but it sure seems that way. But is was a low volume rally, so it may not be what it appears.
It's all about earnings again tomorrow, as there is no economic reports being released.
Here's today's charts:
NAMO and NYMO both flipped to a buy today, but NAHL and NYHL remained almost stationary in a sell condition. We need more buying pressure to turn those two signals up.
TRIN and TRINQ both dropped well below there respective 13 day EMAs. It's going to be tough to get immediate follow-through at the levels those two signals are showing. BPCOMPQ leveled off today, but just like NAHL and NYHL, more buying pressure will be needed to flip them to a buy.
So we have 4 of 7 signals on a buy, but need all seven to flip to a buy simultaneously to get a system level buy signal. That means to stay in cash for the moment. I do not intend on trying to front-run a buy signal on this system tomorrow as I do not trust market character at this time. I am of the belief that something has changed until proven otherwise.
Not much change in the Top 15 and I'll post the Top 50 tomorrow. See you then.
I'm kidding of course, but it sure seems that way. But is was a low volume rally, so it may not be what it appears.
It's all about earnings again tomorrow, as there is no economic reports being released.
Here's today's charts:
NAMO and NYMO both flipped to a buy today, but NAHL and NYHL remained almost stationary in a sell condition. We need more buying pressure to turn those two signals up.
TRIN and TRINQ both dropped well below there respective 13 day EMAs. It's going to be tough to get immediate follow-through at the levels those two signals are showing. BPCOMPQ leveled off today, but just like NAHL and NYHL, more buying pressure will be needed to flip them to a buy.
So we have 4 of 7 signals on a buy, but need all seven to flip to a buy simultaneously to get a system level buy signal. That means to stay in cash for the moment. I do not intend on trying to front-run a buy signal on this system tomorrow as I do not trust market character at this time. I am of the belief that something has changed until proven otherwise.
Not much change in the Top 15 and I'll post the Top 50 tomorrow. See you then.
