Getting A Little Ragged
Longer-term, not a lot changed since my
last
report. I still believe that
there could be problems as the major indices bump up against resistance and head
on up towards the 200-day moving averages. Another problem that most have been
ignoring is the condition of the UTILITIES index
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$UTX.X |
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PowerRating). Many times, it has been a
harbinger of problems going forward.
I have been saying that near-term, things were just fine. That’s starting to
change as it is now starting to get a little ragged out there. I say this because there has been several quiet distribution days in the past couple of
weeks on top of the fact that I am starting to see several breakdowns. It also
doesn’t help that all my sentiment indicators continue to flash red lights as bulls are becoming more bullish and bears are becoming less bearish.
The fact that a bunch of $1 and $2 names are popping does not excite me either.
Nevertheless, unless support is broken on the downside, you must continue to
give this move the benefit of the doubt. The Dow
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$INDU.X |
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intermediate support at 9500… the S&P 500
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Nasdaq
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As far as stocks go, there are names to look at.
(
ABT |
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I would like to see
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CEFT |
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Â
(
SONE |
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