3:00pm Pacific Thursday May 18, 2017
DOW + 56 on 50 net advances
NASDAQ COMP + 44 on 400 net advances
SHORT TERM TREND Bullish
INTERMEDIATE TERM Bullish
STOCKS: The market stabilized today after yesterday's hissy fit and our best estimate is that we have seen a trading bottom.
That's the way the market frequently acts. It gets overbought, investors buy every little dip and it won't go down. Then finally a catalyst or some sort of unexpected news development takes it down hard and then it's already oversold.
GOLD: Gold was down $5. Profit taking with a little help from a rebounding dollar.
CHART The S&P 500 is just bouncing off an oversold 5 Day RSI (arrow). When this happens we normally have a few days on the upside.
BOTTOM LINE: (Trading)