Timothy J. Truebenbach is the
President of True Capital Management and general partner of True Capital
Partners LP, a hedge fund. He uses a disciplined model that trades on the
intermediate-term time frame. For a free trial to Tim's Nightly Stock Analysis
Report
click here or call
888-484-8220 ext. 1.
The market continues higher along the same theme
we talked about on Tuesday. The major indexes have made quite an advance
following the brief pullback we saw in late-October.
Chart courtesy of
StockCharts.com
Leading stocks are plentiful with names like Google (GOOG | news | PowerRating | PR Charts ) and
Morgan Stanley (MS | news | PowerRating | PR Charts ) leading the large caps and smaller names like Copa
(CPA | news | PowerRating | PR Charts ) and Coach (COH | news | PowerRating | PR Charts ) adding to the broad leadership we are
enjoying.
Chart courtesy of
StockCharts.com
Strong up trends tend to do exactly as we have been seeing out of both
individual stocks and the market itself. They are stair-stepping higher. We see
a move up, then a correction or consolidation followed by another move higher.
Currently, the market has made a nice move and could be due for a brief pause or
pullback. If this occurs, we would like to see a minimum amount of distribution
or days when prices close lower on heavier volume than the previous session.
This concept applies to both the market indexes and individual stocks.
Enjoy the Trading!
