Markets were steady again today and the New York markets are awaiting the jobs report on Friday. We’ve had a very strong January so far and are inclined to wait for more evidence that the trends established in the housing market, the retail market and the automobile industry continue with strengths they exhibited last year.
We are not inclined to chase all the recent strength that have seen and it remains a market of individual stocks with big ups and big downs. This type of market requires more work on the part of traders in their daily scans and assessment of the underlying technicals on individual stocks.
With market levels where they are we still maintain a relatively cautious stance.