The indexes have spent the past two days consolidating their recent gains. This is consistent with the NASDAQ Composite Index at least pausing as it runs into a logical line of resistance at its 50-dma. Whether this sets up a general market move higher or whether we see a deeper pullback and retest of the Christmas Eve lows is still an open question yet to be answered. However,... Read More

The market has kept things rather simple as it continues to follow through on last Friday’s follow-through day. This has been accomplished by the simple fact that there aren’t that many fresh set-ups or even breakouts to choose from if one wants to go aggressively long this market. But the handful of set-ups that have been available have been effective, so far. The NASDAQ Composite... Read More

News overnight on Thursday that China confirmed lower-level ministerial trade talks with the U.S. would be held next week, sent global markets and the U.S. futures jacking higher ahead of Friday’s open. When the jobs number was released an hour ahead of the opening bell and came in much stronger than anticipated at 312,000 new jobs allegedly created in December, the futures rolled around indecisively.... Read More

A four-day rally attempt looked doomed this morning when the major market indexes gapped down sharply at the open. A 398.87-point decline in the Dow Jones Industrials Index at the intraday lows early in the morning looked scary after news of weak economic data coming out of China sent global markets down sharply overnight. The Caixin Media and HIS Markit PMI fell to 49.4 in December, its lowest... Read More