A Virginia BAMBI Update
Greetings from the Old Dominion. This is a short visit and I should be back in the swamp late Wednesday.
BAMBI is giving me the worse readings since I started this little experiment -- 27/3 Bearish. More importantly, we had 3 bearish signals and no bullish signals. To me, it's not the number of bearish signals but who gave them -- AA, GE, TRV. Thus, both of my supporting columns of the Market -- PG and GE -- have collapsed.
I intend to just stand aside and wait for the dust to settle. I've got the bottom of the S&P trend at about 1050. Seems like it came close to testing it this week, and, I believe FWIW, that a retest is likely. I want to see that it holds. I'm showing broken trends everywhere, and don't feel comfortable in this environment.
Reviewed the WEBS and getting the same readings. EWA, EWL and EWG just gave weekly bearish signals. The weekly trends on most of the others are in bearish territory.
I would have been much better off if I'd paid attention to BAMBI 3 weeks ago, but it certainly has reinforced the trend concept.
Good Luck to All, and will be posting in a few days.
Berney |
