MDM - Model close to switching, but still on sell

Published : November 22 2010 at 16:34 ET

The recent couple weeks have made for a most challenging market. This is a market where leaders sell off on heavy volume only to immediately turn back up and shoot higher. It makes a year such as 2009, a year that William O'Neil himself called the most challenging year of his career, look a lot easier.

Strong action of leading stocks has pushed the model closer to a neutral signal, and a number of leaders had pocket pivots in today's trading, thus we sent out reports on the best ones. But for now, the model remains on a sell signal. Certain key ETFs closed right around resistance, and the NASDAQ closed just below the 2536 level. A change in signal could come as early as tomorrow near the open. Stay tuned.

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