Richard Gobel, owner and operator of Strategic Stock Trade, has more than 30 years of experience in the investment business.
Over the past few years, he has been using technical analysis and algorithms to develop day-to-day trading strategies to make financial decisions.
One of the keys to his success has been seeking out extreme conditions in the action of stocks. Using those extreme set-ups has guided him in initiating long and short positions based on trading algorithms to track extreme set-ups. When a stock is at its most extreme overbought condition, it will be flashing between 99-100 on his Extreme Set-Up scale. And when it is at its most oversold condition, the stock will be flashing between 1-0.
As anticipated, the stock indexes traded higher on Thursday from an oversold signal on Wednesday, although the volume was very light.
For the second day in a row, stocks fell and are now in oversold territory before the release of the U.S. Retail Sales number on Thursday
The DJIA and the S&P 500 stock indexes are red for the year 2015 while the Nasdaq 5000 is history for now.
Friday's jobs number release will be a market moving event one way or the other. Stocks could see continued downward pressure on a poor number.
With the S&P 500 down five out of the last six trading days, expect to see some bounce over the next day or two.
The three stock indexes continue to set new all time highs as they bring the Nasdaq along for the ride.
February was a good month until the last trading day, with a lower close on increased downside volume.
Stock indexes are near all-time highs on a new volume low in 2015 in the exchange-traded fund tracking the S&P 500. This is not healthy.
We have a low-volume stock market that has gone higher on air.
Three of the four stock indexes finished the week at all-time highs. Is this the beginning or the end of the higher move? Time will tell.
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