The market continues to trade within a range. All my indicators remain in the positive. I recently bought some BlackRock stock. Here is a screen from ChartMill showing how it is doing. It is 3 weeks into Stage 2 (see the bottom chart with the green bars). The Relative Strength is positive (see the middle chart), and the 30 week moving average (see the red line on the top chart) is positive and the close is above the line.
Chartmill is a great site to use for Mansfield indicators and scanners. You can sign up for free and buy credits too. I like to buy credits for scanning when I am looking for new opportunities. Here is a link to their documentation on Weinstein Indicators.
The sideways action continues as markets anticipated and then digested the Fed Rate Hike announcement. There really isn't any action coming out of the Fed, just a bunch of mumble jumble about possible rate hikes in the future. Same story we've been hearing for awhile.
Remember, if you have bought stocks, place stop-loss orders to protect your positions.
The market continues to show strength and the Dow, S&P and NasDaq are all in positive territory. I have cautiously entered into a couple of small trades.
The stock market is nicely in the green. I have been nibbling on some stocks and ETFs that appear to be poised for a rebound. When creating a watch list, look for stocks in Stage 1 then wait and see if they break out to Stage 2 with good volume. I am watching the NasDaq ETF QQQ which appears to be in Stage 1. Look at this chart from StockCharts.
