As I mentioned the other day the SPY and DIA exhibited railroad tracks albeit not the most compelling.
The reaction has been a tentative reversal that at least is in winning territory and you can protect yourself as a result. If you’ve been reading my emails and watching my videos for a while you cannot be in any doubt as to the voracity of our favoured reversal setups and my commentaries on them.
Referring to the previous video, MU reversed off its Doji, the banking stocks are on pause but look like faintly possible reversal candidates, HD is right on the cusp of making its mind up but could go either way, HAL did reverse with its earnings and from its railroad track-like pattern. MNST looks promising, CMG is consolidating and CVS looks good.
Also, I do hope you followed my warnings about BBY, which did exactly as forewarned at the exact time as last year with its post-Christmas statement.
Remember, we’re still in the thick of earnings, so do bear that in mind, particularly if you’re the more cautious sort.
Just in case you missed it, here’s the previous OVI Market Review Video: