#1 ranked Trader by Timer's Digest with a 31.6% return for 2017 is still looking for higher stock prices and has switched to bullish Gold in last evenings letter after going bearish the US Dollar on March 2nd. The chart below certainly indicates there is still a lot of fear on the part of investors, though less than in previous days. Investors are driven by two emotions: fear and greed. Too much fear can sink stocks well below where they should be. Robert Zurrer for Money Talks
Todd Market Forecast for 3pm PST Tuesday March 6, 2018
DOW + 9 on 1040 net advances
NASDAQ COMP + 41 on 818 net advances
SHORT TERM TREND Bullish
INTERMEDIATE TERM Bullish
STOCKS: When the market is up over 300 on a session, it would hardly be surprising to see profit taking the next day. The bears tried, but failed. We were impressed by the action, especially breadth. The advance decline line has been a solid performer.
The Russell 2000 made a new rally high today. It's a good sign when smaller caps are outperforming. See the charge below.
There are almost zero signs of a top of any significance. Pullbacks should be bought.
GOLD: Gold was up $15. A sharply lower dollar helped. This changes our outlook below.
CHART: There are no guarantees in this business, but when the high techs are leading the charge, it suggest that there are higher prices ahead. Today the SOX or semiconductor index made an all time high (bottom arrow).
BOTTOM LINE: (Trading)