Can the Dow Go up Once more?
04/23/2017: Markets were up for the week, as the Strongest Leaders bounced Above the Red Lines (50-day avgs). The weaker Indices (Dow, NYSE & Transports) had a few days below the Red Lines, indicating a lack of Buyers. It looks like only Congress can save the day, by agreeing on some kind of Tax Reform or a new HealthCare bill.
Even the recent Money Wave Pops on the strongest Darlings (mainly large cap NASDAQ 100 stocks like AAPL FB AMZN GOOGL, etc.) have been disappointing. Please be patient, as the trading should get better once some better selling comes in… Currently the S&P has Support at 2322, for a possible “W” pattern back up to the March Highs again.
Bonds have rallied all the way back up to the Green Line, indicating either War Fears, or expectations of a Slowing Economy…
Crude OIL was down over 6% for the week, after FAILING below $55.24 Resistance again.
The Financials have really weakened, on possible slow down fears.
ON DECK to Buy soon: Watch List. Wait for GREEN ZONE BUYS. We will email or text when they are ready.
LONG TERM TRADES – We are looking for a good Entry Point for these, which could possibly Double:
DBC COMMODITY FUND Waiting for Break Out Above $16.08.
IPI INTREPID POTASH Waiting for Break Out Above $3.04.
JJC COPPER FUND Waiting on a Pull-back.
KOL COAL FUND Waiting for a Pull-back.
MDR MCDERMOTT INT’L. Waiting for Bounce Up & Above 90 Relative Strength.
UGA US GASOLINE FUND Waiting on Break Out Above $32.03.
WFM WHOLE FOODS MARKET Waiting on a Pull-back.
Alert! Market Risk is Lower now (Yellow Zone). The probability of successful Short Term Trades is lower, when the S&P 500 is Way Above the Green Line. Even the Strongest Funds can get chopped up. Either take quick gains from Money Wave Pops, or STAY IN CASH & WAIT for a larger correction.
Tell your Friend about us, and HELP ANIMALS.