BRIEF UPDATE ON THE BROAD STOCK MARKET (11:30 pm EST)
Fortunately nothing violent or really dramatic happened at Wednesday's presidential inauguration. Wall Street was most likely relieved, and the broad stock market has responded favorably with a strong rally pushing all three market indices (DOW, S&P 500, NASDAQ) to new highs for the week. This negates our bearish divergence signal from last week and diminishes my desire to sell short, at least this week. Because our current reversal zone has been extended into next week (Jan. 12 - 28), we could see bearish divergence then and a possible spot to sell short. Let's stay on the sidelines for now and see how the market moves tomorrow.
Fortunately nothing violent or really dramatic happened at Wednesday's presidential inauguration. Wall Street was most likely relieved, and the broad stock market has responded favorably with a strong rally pushing all three market indices (DOW, S&P 500, NASDAQ) to new highs for the week. This negates our bearish divergence signal from last week and diminishes my desire to sell short, at least this week. Because our current reversal zone has been extended into next week (Jan. 12 - 28), we could see bearish divergence then and a possible spot to sell short. Let's stay on the sidelines for now and see how the market moves tomorrow.
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