Morning Market Update for October 15, 2013

Today's profit-taking is not very compelling. The Dow has come back to the 20 day moving average and supported at that level. The NASDAQ is trading in decisively on a slight pullback I'm doing a Doji. The S&P 500 not showing any great selling pressure. In an uptrend, profits are usually taken in the morning and the buying comes back in the afternoon. Everybody is still waiting to see what decisions are being made in Washington. It is rumored that the Washington Redskins have decided to change their name. They plan to drop the term "Washington" because it is an embarrassment to their name. The uptrend remains in progress as long as the indexes continued to trade above the 8ema. It has to be assumed that Washington will come to a positive decision, not wanting to devastate the economy. The can will be kicked further on down the road, but so that is the expected from our decision-makers in Washington. Have a great trading day.