Saturday, August 15, 2009

A turn on Friday? (another one)




I always watch the McClellan Sum turns... and it turned on many indices (SPX, NYSE, NAZ100, SP100, SP600). That could be significant. Also, credit had a bad week, (http://www.zerohedge.com/article/weekly-credit-summary-august-14) with spreads backing out and high yield taking the brunt of it. Commodity currencies like the Aussie and the Canadian had down weeks, as did Crude and Copper. It was not a good week for the bulls. I also get the feeling from many blogs and sites I hit, that it was a down week... but there is more upside to follow or that people are waiting for further down side to confirm a turn. Thus, I am starting to put more weight on the side of an actual turn... even though cycles suggest a better turn early September. Of course, that could be a lower high turn. Considering all the DeMark Combo signals I have on various indices on the dailies, and one on Naz 100 weekly... I think it is a real possibility we have seen some highs that we can measure in weeks.

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