Summary: Continue to maintain a LONG/HOLD position.
01/17/2014 – Slow day in the market. While the S&P and NASDAQ were both down to the tune of -0.50%, the DOW inched up 40 points or (+0.25%). As mentioned yesterday, the DOW closed the “DOWN GAP” that was originated on Thursday during the trading day today. We continue to be stuck in the trading range since the beginning of the year. According to my work this has to do with a number of cycles topping out on or around January 1st of this year. In other words, the powerful rally we have witnessed in the late 2013 is running out of steam. While the trend is still Bullish the market is starting to exhibit signs of a fatigue and an eventual roll over. Still, as of today, it is prudent to maintain our long position while we wait for a confirmation. Weekly summary coming up tomorrow.
Daily Stock Market Update, January 16th, 2014