Professor’s Comments May 21, 2014 Noon Update

Posted by OMS  at May 21st, 2014

Today’s impulsive trading action on the Dow is exactly what I would expect to see IF yesterday’s low was the low of wave 2 down.

So far this impulsive action on the Dow has NOT carried over to the NASDAQ and the Russell 2000. As a matter of fact, even though the Dow is currently up over 100 points, the Russell is down a few points.

Here’s the thing: If the Dow continues to hold its early gains, there is a good chance that the positive action will start find its way into the other indexes. As the Dow starts to become overbought, traders will start looking for bargains on the other indexes.

I did an early run of The Professor, and so far he’s not seeing anything to get excited about.

So I’m still watching.

That’s what I’m doing,

h

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The Hockey Stick Pattern
The Creation of Waves and Trends
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