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1 Attachment(s)
12-29-11 Comments
I have been quiet mostly because the market has been quiet. The Market School Exposure count remains at +2. A further close in the negative direction however will bring an S5 sell signal (close below the 21-day). We are below the 21-day now but this test has a porosity allowance of 0.2% to help avoind whipsaws. Yesterday was a distribution day with the distribution count at +2 now. Some leaders are doing just okay. Nothing is working well however so I have remained on the sidelines in cash. Actions of leaders trump all other market reads. At the outset of this rally I checked my three favorite confirming indicators (Coppock, Eureka, IBD 6000 %E). The rally was not confirmed, a further caution on my part. I have attached here a short paper of the use of these follow-through day confirming indicators.
[ATTACH]12077[/ATTACH]
The market is in an uptrend but is definitely having trouble overcoming resistance. The action of Gold, US Dollar and US Bonds seem to indicate the market remains in a safe haven posture. Gold and silver have been interesting as they seem to be in a serious correction.
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Mike,
Are you the author of the short paper?
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[QUOTE=adam ali;19601]Mike,
Are you the author of the short paper?[/QUOTE]
I am the author. The basic work was done by a team that included myself and Jerry who posts the leaders index every day.
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Very much appreciated
Mike
The odds in this study are very comforting. Thank you for this info.
Normand