Today's closing-trend will be....

William Rennick

William Rennick

Monday, Dec.19 1:15 pm EST

Look for Strong Market Action with a "tradable" uptrend for this afternoon. Dow is up 16 as I write this. I'm waiting for this counter-trend to peak to use as an entry point. I'm looking to get in with dow in the negative.

Rennick out.
 
I don't know, Rennick. Look at the Nasdaq Comp daily chart. It looks like it's heading into a serious downtrend and the other indices are looking ill also. The Dow is about the only one that looks halfway healthy and that's probably because of its drug stocks.

I wouldn't go long here. Of course, anything could happen over the next few days but I think we're headed lower.
 
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