Todd Market Forecast for 3:00 Pacific Thursday October 19, 2017
DOW + 5 on 9 net advances
NASDAQ COMP - 19 on 419 net Declines
SHORT TERM TREND Bullish
INTERMEDIATE TERM Bullish
STOCKS: Some negative news from Europe and some downbeat earnings hit an overbought market and the result was a sharp decline at the opening with the Dow down 104 points.
However, like so many times before, the decline was soon halted and the remainder of the session saw buying come in. This market is like a ball being pushed under water. It keeps popping back up.
This is even more remarkable given the fact that this is October, the month of so many sharp drops in previous years.
Perhaps the memory of the sharpest one day drop in history exactly 30 years ago played a bit part in this drama in the very early going.
But our task is simple. We're going to keep riding this horse 'till if gives out. We'll stay with our positions.
GOLD: Gold was up $3. Just a small move without consequence. At least for now.
CHART: The S&P reversed and maintained its bullish posture. These kinds of reversals tend to be bullish more often than not.
BOTTOM LINE: (Trading)