Our week-ending 10 Day High – Low for the NYSE finally looks like it is correcting after almost 10 days on a confusing sell signal, price finally followed through to the downside.
Dubai or not Dubai that is the question. Would the market not have sold off except for the Dubai news? On Monday we will get our answer but overall the market was ready to correct.
Now I begin looking for a bottom and an eventual buy signal hopping for a thrust like in the past corrections. Or this time will we find out that this is it for the year and just sell off our profits?
The markets need to get down to that –50% level on this indicator to satisfy the bears with some cash and to entice the bulls to come in for some more so short term view 3 days out is more weakness.
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