We’re still in a market that is toiling over political and geopolitical uncertainties, the Fed, how earnings will fair with the 1st quarter…

Buying on the dips may be easier said than done. It certainly does present a psychological challenge, but I think for those taking a longer-term investing perspective that a long-term approach does provide the best strategy in this environment. 

Each day we are faced with the repetitive narratives explaining away the market’s behavior day to day and hour by hour. 

Yesterday’s rally delivering the Dow right up to the 35,000, but closed just under. This millennium level represents more of a psychological resistance point than a technical one. 

Stocks up sharply higher this morning; not a surprise technically since the major indices did move to the lower part of their pennant formations. 

In yesterday’s report I mentioned the forming pennant formations in the major market indices — patterns of ascending peaks and descending lows and it seems like we might be on a trend to a convergence of those two trend lines. 

The January 24th lows continue to look like a significant bottom for the market and an important one technically. 

Another week of high reactivity to news events, indicating the market isn’t back to full health, but it might be in repair and I believe that is the case. 

(Recorded after market close on 1/31): A few comments about today’s (1/31) action, especially since I believe it confirms last week’s action as being a pivotal point for the market technically…