To the regular readers, I apologize for missing a post last night. Somedays, time just gets away, and in addition I was checking in on the happenings in Pennsylvania. Meanwhile, our friend Miss Market has continued another nice consolidation pattern.
Our charts are almost identical to where we were about a week ago during the last consolidation. Our Fast Momentum is heading down as it works off it short term over bought status and will soon be ready for some buying. The Moderate Momentum is tending down a touch, but it never really got too frothy on the buy side. Our all important Slow Momentum is leveling off but still trending up, and most importantly it is solidly in the positive TradeWinds zone at around 11, where +5 is consider positive. All in all its a good set-up.
Let us not forget that we are still in the middle of earnings reporting, so any day the market or a particular sector or stock can get temporarily whacked by one bad report. So keep an eye to the headlines, but also be watching to buy dips.
Of course, we would like you to check out our Top 25 Lists and TradeWinds Black Box for some of you trading ideas.
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