Stock Market Analysis

Friday, September 22, 2017

Profit Taking Underway...

Following up from the dangerous signal that I mentioned in my report to paid subscribers yesterday morning, the US market ended its 9 days winning streak as predicted and closed negative. Here was what I said:

"There are 2 things I don't like about what I yields jumped too much for a day...This kind of candle forming at new highs usually marks a short term peak...As such, I continue to think that we should see some profit taking from this point forward."

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And right on the dot, the US market took profit and sold off yesterday!

So far, the profit taking looked very healthy. A good average negative day with no surprising volume. There was also no exuberance detected on both the bond yields and the total equities put call ratio. All in all, it was a very healthy negative day that doesn't look insensible or overdone. As such, I won't be surprised to see this profit taking go into Friday today. 

However, like I have said before, I do not expect this profit taking to turn into some kind of market crash. In fact, I don't even expect it to turn into an intermediate correction. So far, every continues to point towards just a few days correction before the rally resumes. 

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For now, the market remains in all out bull trend.



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