Professor’s Comments Update 7/17/19
Posted by OMS at July 17th, 2019
There is a lot of concern on the faces of people in Jacksonville this morning after CSX, the local railroad, announced a miss on earnings. Most analysts expected earnings to be 1.13, with actual earnings coming in at 1.08. The stock is currently down over 6 points on the miss.
The decline in CSX earnings is further evidence that the economy is slowing. So traders should continue to pay attention to IYT, the Transportation ETF. IYT is down over 4 points this morning at 190. The CCI on the 60s is getting close to turning negative. If this happens, it should test the 187 level and if this level is broken, the next target is 175. If you want to know what is happening with the overall economy, pay attention to the transports.
BTW, there was a small change in the A-D oscillator last night, so we need to be on the lookout for a Big Move within the next 1-2 days.
I still believe there is a good chance the market will top within the next week or so.
h
Market Signals for
07-17-2019
DMI (DIA) | POS |
DMI (QQQ) | POS |
A/D OSC | SM CHG |
DEANs LIST | POS |
THE TIDE | POS |
Index | Signal | Signal Date |
---|---|---|
DOW | POS | 10 Jul 2019 |
NASDAQ | POS | 13 Jun 2019 |
GOLD | POS | 03 Jun 2019 |
U.S. DOLLAR | NEU | 15 Jul 2019 |
BONDS | NEG | 11 Jul 2019 |
CRUDE OIL | NEU | 16 Jul 2019 |
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Category: Professor's Comments