Professor’s Comments September 17, 2013
Posted by OMS at September 17th, 2013
The Dow rose 118 points, closing at 15,494, Volume on the NYSE was moderate, coming in at 97 percent of its 10 day average. There were 236 new highs and only 26 new lows,
The broad rally started on news that Larry Summers was withdrawing as a candidate for Fed Chief. His withdrawal is probably a good thing considering that he lost over $1.8 Billion while managing Harvard’s Trust. I’s not the sort of track record that inspires confidence.
Anyhow, the wave 3 rally is on. The Dean’s List is long and strong, and all of the PT indicators are positive.
The Fed’s FMOC Meeting is scheduled for today and tomorrow, I don’t expect much, but the meeting will likely slow trading during the next 2 days, If the market pulls back slightly, it should be viewed as a buying opportunity.
The Professor highlighted another 68 stocks last night as starting to enter the trend mode. Also noteworthy is that he placed DDM and SPY on his List. By highlighting these additional 68 additional stocks, The Professor is confirming that the current wave 3 up is well underway, and that more and more stocks are participating. At this point, you might want to check to see that all of your stocks are starting to trend, with the 35 period CCI >100. If they are not, you might want to make appropriate adjustments. The market is clearly in a strong up trend now, and the best way to participate in the current rally is by being in stocks that have CCIs >100.
This is not the time to be in stocks that are in downtrends or having trouble, Apple is a good example of this, as it lost another 10 points yesterday, even though the Dow up over 100.
Riding the wave.
That’s what I’m doing,
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Category: Professor's Comments