Monday, October 31st, 2016

Market near 2007 highs still trending


The problem with this market is it is hesitating to take out the old 2007 highs set way back before the Financial crisis hit in 2008. As if this will melt some forbidden icon that is at least has dominated our charts for the last 5.5 years. The sideways action has become a common place sign. It is one day up and another down, but the trend has not broken to the down side either.

Some of the leading stocks are also on holding patterns. LNKD made a nice get away on Friday and today it reversed hard to lose all those gains. GOOG on the other hand buffeted around 806 levels after touch 818 early on the session.

AAPL has made it past the 50 day and closed 2 days in a row above the line. AAPl has previously cleared the downward trend line and now is planning to take to higher ground if the markets stay decent.

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