You are currently browsing the The MPT Rating weblog archives for the day 17. June 2008.
17. June 2008 by admin.
Tuesday,
The market sells off a little more as investors digest the reality that stocks are becoming oversold but summer months provide little reason to rally…
The DJIA; lost 108 points for the day and show the test of our low to be on the agenda, but these day to day market fluctuations don’t mean jack in the big picture. The market rallied to a short-term overbought point and as projected is now pulling back… How low will it pullback? That is the wrong question. How low must it pullback before we find quality buy points is the right question, and we already have several – It’s time to start buying this pullback against short-term market sentiment.
The NASDAQ; lost 17 points for the day but as I have mentioned for this market, I see need of further selling before these gaps get filled on the chart and until that happens I see no reason to load the boat with tech.
Today’s MPT (Market Power Trend) Rating, which tells us what “Smart Money” is doing in the market came in at (03) and this bearish indicator confirms smart money is being patient in this market, and maintaining their buying to select securities with a “sleeper” mentality… Summer and spring are two different market types and you have to know how to play each.
As always I recommend investors and traders, be smart, patient, and ever successful.
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