Trannies working on three black crows today and did not confirm the recent Dow high. FWIW, and the day is still young.
We have the potential for a four-year cycle low in the next couple of months, but we really need that one final flush to get that. I assume you've read the Lowry's study; it's pretty convincing, IMHO, and other data I've gotten from them carries it back even further to important lows that were considered quiet and low volume, such as 1942.
lowrysreports.com
If we don't get that this year, then I'd really be worried about the market and the economy, because it would be the first time since 1930 that we failed to get a four-year cycle low. It would be pretty telling if the part of the presidential cycle when the economy is blatantly goosed failed to work.
That said, I think the Dow and S&P may have put in an IT low recently. I'd give it a 50-50 chance. But no one seems interested in buying at 8700-8800, so why not wait and accumulate at 7500-8000?
Dow uptrend shot, but SPX holding so far. Equity PC ratio climbing.
On a more important note, I finally figured out how to grow grass in Maryland clay. Put down top soil, starter fertilizer and seed, cover it with peat moss and water it daily. Came up in 7 days, I kid you not, right up through the layer of peat moss this morning. Now that's an accomplishment. -g- |
