Thursday’s accumulation day bodes well for the market’s upside potential.
It’s just one more sign that buyers are outnumbering sellers.
After Wednesday’s distribution on the Nasdaq, and key sell-offs in Transportation and Retail, it looked for a moment like it was all about to unravel.
But successful speculation comes by patiently taking in the big picture as new data constantly changes the landscape.
We’ve been cautiously bullish for a couple of weeks, but are on guard to change our bias in the event present conditions deteriorate.