After yesterday's big move it was not surprise to see a ho-hum day as the market consolidated its gains. If you are following our advice to buy the dips, well today was the a day to take a dip.
All of our momentum indicators remained strong. With our moderate and fast momentum moving nicely off their dip to push the slow momentum even further into the positive TradeWind zone. Of the 40 ETFs and indexes which comprises our momentum charts only two are in negative TradeWinds - healthcare and pharma - XLV & PPH.
For the time being we should continue to see strength in the market. However, don't get carried away. Remember it is earning season and any one company can take some wild turns. And the good old credit crisis does loom in the background, so that can bite on any day. The momentum indicators are telling us that even if there is a hit the market should be able to absorb it and keep on moving up for now.
Now check out our Top 25 Lists for more trading ideas and latest TradeWinds Black Box results.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment