Home > Stock Market Strategy > WALL STREET CRAPS STOCK MARKET OBSERVATIONS FOR MAY 18, 2014

WALL STREET CRAPS STOCK MARKET OBSERVATIONS FOR MAY 18, 2014

May 17th, 2014

craps front coverSTOCK MARKET OBSERVATIONS FOR May 18, 2014: The stock market advanced to new highs during the early part of last week. The small rally on Friday sets up the market for another retest of the previous high. Whether it closes above or below the previous high, the stock market appears to be losing its upside momentum and provides another chance to sell into strength. Overall, this is not an oversold, undervalued, or unpopular market to buy. If anything, it is one to sell.

Key underlying market indicators show the following

***********

My advice for traders and investors is to be largely in cash while the market sets itself up for its next big move. With most indicators showing “neutral” reading, a possible scenario is for the market to decline from here into an oversold condition. That would present nimble traders with a short-term buying opportunity to ride still further to the upside. But for now, it’s a “wait and see” policy that is most prudent.

***********

Be Sociable, Share!
Comments are closed.