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July 15: My thoughts by TradesAfterWork

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My thoughts...

After the Nasdaq Composite Index on Monday fell -2.13% on huge volume, the composite has climbed back some, but it is still down -0.63 for the week. The short and intermediate term trend of the Index still looks good and bullish.

The S&P 500 Index is faring better. Not having suffered the degree of losses as the Composite on Monday, the S&P 500 is actually up +0.91% for the week. The Index has improved on its chart too, with the weekly Percentage Price Oscillator (PPO) turning positive and above the zero line for the first time since the March 23rd low. Of course we will need to wait until Friday's close to confirm.

So far the winner in the indexes is small caps ($IWM), currently up +4.05% for the week. This is a change in the type of action that we have been seeing in the market with IWM and the Dow leading instead of the Composite. We will see if the change of leadership continues.

Monday $WPM was stopped out at $45.08 for a +5.20% profit.

Charter Communications ($CHTR) is our trade for tomorrow morning. CHTR is a leader in the Telecom Services arena. (See Above for Price Activation)

Have a great evening and happy trading!

- Bernard


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Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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