Ride The Bull, But Caution Still Advised, My 2 Cents by Mike Simonato

Written by:  Mike Simonato, Ontario Presenter: “My Three Friends”, Dec. 3, 2016, VectorVest International Online User Group (Click here to View: My Three Friends)

The Markets continue to reside in nosebleed territory.  As I said last week Ride the Bull until he says no more, but do so cautiously. We could very well ride the bull into 2022, however, remember when it falls, it can fall hard thus the need to exercise caution at these levels.

The Markets:

USA

DOW JONES:                    Broke above resistance today with a nice bullish candle

NASDAQ:                           Continues to rise nicely

S&P 500:                           Continues to rise nicely

MKT TIMING:                  8 EMA is acting as support which is very bullish.  BSR and RT rising but MTI Flattening out.

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READ Views, Strategy, Climate Earnings indicator continues to rise but % Bullish Advisors fell.

CANADA

PTSE:                                6 EMA acting as support  Very Bullish but entering a resistance zone

VENTURE:                       Broke above resistance  3 EMA acting as support  Very Bullish

MKT TIMING:                 8 EMA acting as support.  MTI, BSR and RT rising.

READ VIEWS (Stan does it again), Strategy.