Morning Report – January 14th, 2014
Yesterday was a major blow to the upward momentum of the stock market, but the NASDAQ did hold above the 4100 level. Until that level is broken convincingly on a closing basis, the NASDAQ has a neutral bias. The major indexes with the exception of the Dow Jones utility average were down over 1% with the NASDAQ down 1.5%. There were some very late session buying to bring the index back to 18.79% of its daily range or the damage would have been worse. Had it not been for that late session buying, I would be more pessimistic than I am.
Only a few groups were positive yesterday, and gold stocks were the leading group. The gold stocks are not appearing in the stocks and groups moving up because the combo ranking takes into account sustained force and fundamentals. On a day-to-day basis, I also look at the number 04 key in my warehouse views, stock Wolfpack’s. Read full report