The stock market remains very strong. The major indices slid last week but were quiet as the country waits for Hurricane Irma to hit Florida. and parts of the East Coast. Stepping back, the action remains healthy as the market continues to trade just below record highs and sellers remain at bay. From where I sit, the market action remains bullish. The fact that the market refuses to fall in any significant fashion illustrates how strong the bulls are right now. Additionally, it is bullish to see volume dry up as the Dow, S&P 500 and Nasdaq sit on their respective 50 day moving average lines. It is important to note that the Transports and the small-cap Russell 2000 continue to under-perform their peers which is not ideal. Stepping back, until we see any heavy volume selling, the bulls remain in clear control.
Thur & Fri Action:
Stocks were relatively quiet on Thursday and Friday as millions of people left Florida ahead of Hurricane Irma. The price of Bitcoin plunged after China’s Central Bank may shut down the exchanges. Shares of Target fell after the retail giant said it will slash prices on a lot of items in an attempt to attract shoppers. Shares of Equifax (EFX) plunged over 13% on Friday after the company had a massive data breach which could impact 140 million people.
Market Outlook: Bulls Are Back In Control
The bulls are back in control and the market remains very strong. As always, keep your losses small and never argue with the tape. Get Our Free e-Book: Learn How To Buy Leading Stocks…EARLY. Get It Here…