Friday,
Today’s market close did not show much direction in either direction as investors are facing the weekend, but today’s MPT Rating shows us there was some buying going on in the markets and that’s what’s most important in this pullback…
The DJIA; was the only loser for the day shedding 7 points by the close… the up-trend we are currently seeing is not one I put a good deal of trust in, but I do concede the markets could surprise me and being that the overall conditions of the market are more bullish than bearish I do prefer to error on the side of caution, thus I am a buyer in this pullback.
The NASDAQ; gained 14 points for the day and with the slow stochastic now at 62 I do see this market as having potential to drive higher from here… It is important however to keep downside potential in mind and thus I would recommend only buying quality stocks at quality entry points, and if this market does take off for another burst higher you will be well positioned to see gains from these returns rather than attempt to chase stocks which will already be over bought by the time you see them take off.
Today’s MPT (Market Power Trend) Rating, which tells us what to expect in the overall markets in the next session (short of any surprise bull or bear news) came in at (05) and this is bullish telling us “Smart Money” is buying stocks selectively in this market – oddly enough this is what we are also recommending for our members… I would not want to be short here, but I would want to be quietly buying quality.
As always I recommend investors and traders, be smart, patient, and ever successful.