Skip to main content
Report this ad

Tuesday's market: bull run should continue, but downward move is still possible

UPDATE: Well, the initial downward move at today's open that I predicted did not happen - and that's good.  The markets still look strong, but a downward move is still a strong possibility as well.  If you are still in the mood to buy, I would say that if you are a buy-and-hold investor, now would be a good time to buy.  Much of the necessary sell off / burn off that needed to be done has taken place over the last 30 days.  Though you may see some more downside, you should be positive in six months .... unless things change again, as they probably will.  As always, stay tuned. 

ORIGINAL REPORT: Going into tomorrow's stock market for Tuesday, February 16, it looks as though the major indices will stall or drop a bit at the open, but overall, expect the climb upward, started last week, to continue.

There does appear to be some over-bought stress that developed on Friday. Since it was not strong, I don't expect much in the way of downside movement. Yet even if there is a considerable move to the downside, It should prove to be a great time to get into a long position on some popular stocks and ride the wave up for awhile. All the indices are showing strength on the daily charts, so that should work in your favor on Tuesday.

If your in the mood to buy and tomorrow (Tuesday) you develop itchy trigger fingers, your opportunity to shop till you drop should be right around the corner. To be sure, not all stocks will be participating in the coming rally (however brief it is). Commodities are showing some temporary weakness, while I still can't get a heads or tails on where the financial stocks are going, so caution is definitely advised there.

We could be in this sideways pattern for awhile, but for tomorrow, it should ultimately prove to be bullish. More to follow - thanks for reading.


Report this ad