The shorter term trends under the daily action are rolling over.
Take Note and scroll down to Fri. 8/29 entry for chart link of
SP 500. Note breaks below 10 and 25 day m/a readings and
today's dip of the 10 below the 25. Looking out through 13 weeks,
the technical ducks are not lined up in a commanding order, so
the short term action may get more attention than usual.
Treasury Bond Market
Bullish advisory sentiment is creeping up, with Market Vane
showing 71% bulls. This is not alarmingly high, but the reading
is tilted enough to warrant a heads-up.
As expected, oil has dropped to support at around $110 bl. where
the price is getting sticky. More interesting pivotal support lies
below at $100 bl. I am still guessing $90 by late in the year.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!