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WALL STREET CRAPS STOCK MARKET OBSERVATIONS FOR MAY 4, 2014

May 4th, 2014

craps front coverSTOCK MARKET OBSERVATIONS FOR May 4, 2014: The stock market as measured by the Dow Jones Industrial Average hit new all-time highs. But those highs were largely unconfirmed by the majority of other indices. At present, the internal indicators listed below are showing “neutral” readings across the board. This means that the market has an equal chance of going in either direction. Remain patient and wait for the market to set itself up for its next major move. The old Wall Street adage, “Sell in May and go away,” may indeed prove to be the correct course of action.

Key underlying market indicators show the following

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My advice for traders and investors is to be largely in cash while the market is in this indecision pattern. There are currently no stocks or Exchange-Traded Funds that are in the “oversold” area. Along with the “neutral” readings on all of the internal indicators, this is most likely a time to sit and wait for the next major move to take shape.

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