| DJIA INDEX | 12,241.00 | +153.00 | 12,186.00 | 12,278.00 | 12,186.00 | 07:48 |
Broad Market Bottom Line (NFTRH146)
"The bull relief scenario is not dead and all it may take is a compromise of some type to stimulate the market’s endorphins. But the charts continue to degrade, both in nominal markets and in the indicators that give clues as to what may be ahead. On the plus side, general sentiment is not yet arguing for a top.
Considering the balance of information available, I am going to keep the broad market bulls in the game for a while longer with a favored scenario that sees renewed bullish activity if Washington does the expected and warms over a debt agreement. The scenario then looks further out and sees significant bearish possibilities a few months out."
Surprised? Move along, nothing to see here...
Edit (10:35) Gap & trap. Nice call Gary. Bulls are still in the game but parameters are degrading and changing technically. Now the market must not make a lower low from June. Separately, how do they spin economic deceleration into something positive? Ben, any ideas?
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