Market opened strong today. There are a lot of stocks breaking into new highs or out of solid bases. Nike (NKE) just broke out of a 5 month base (daily charts) but that is also out of a base on base formation. The previous base was about 2 years long (Weekly chart). Keep an eye on this one as it appears to be a leader.
We are currently testing the 10,700 resistance point on the DOW. If we make it thru then a test of 11,000 is next.
We have seen a lot of flag patterns lately. Those are fun to play and can result in huge gains in a very short amount of time. And they should be played while they last. Based on experience from the last big crash (late 1999 - early 2000), a lot of stocks showing the flag pattern can forecast the nearing of a market top as seen in the Nasdaq in those days.
So just be careful while trading, but get out there and make some money. Practice sound money management techniques and let's make some money with Stocks.
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