With the technical picture so cloudy you may be tempted to sit this one out and wait for clear evidence of whether market direction is naughty or nice before initiating either long or short positions.
More Quotes from Ken Tower:
Yesterday's high now become key resistance. Because the longer term trends all remain up, there are lots of support zones below current prices. The big Nasdaq stocks have been the weak link in the rally, as demonstrated again yesterday by being the only major average to fall.Ken Tower
What would make me more optimistic is if there was evidence that money on the sidelines is being put to work. But I'm not convinced.
Ken Tower
Investors rejoiced yesterday as energy prices fell, but they ignored rising interest rates. I don't think it will be too long before the focus shifts back to rising rates and an inverted yield curve.
Ken Tower
These hearings have an impact on investor psychology, they make people nervous, and that's why we're having a rally at the close.
Ken Tower
The market may not be able to overlook Intel's warning, but the fact that it's able to absorb the negative news without a steep price decline is a positive signal.
Ken Tower
I see the whole business cycle slowing down.
Ken Tower
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