We are so close to being able to ring the bell for upside momentum, but we are not quite there. Our fast and slow momentum indicators are strengthening to but our moderate indicator is stubbornly sticking to its downward path. This indicator will change on a dime, so another flat to up day should swing it.
The top listings in our top 25 longs should be under consideration for trading now. My reading of the market does not suggest that short is the place to be right now. However, don't get too excited to the long side either. Gale force winds still blow in our face for 35 of the 80 stocks and ETFs we track. The good news is that 45 are in either calm water to having wind at their back. We need some more momentum in the broad indexes before we get real active to the long side.
Today's advice to pay close attention and be honing your list of long plays.
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