The China Yuan Syndrome is becoming somewhat of dead horse that is continually being beaten by the financial media talking heads. I am not going to write about it. I didn’t yesterday, but don’t worry I won’t mention “Lil’ Kim” Jong Un either. Sometimes the truth of the matter is that the best thing to do is to say or do nothing at all. Therefore, I have no new comments to add to this narrative. Below you will find my remarks on the Market Condition, which is always shifting and evolving.
No further comments…
*Trends: ST = short-term; MT = Intermediate-term; LT = long-term
Capitulation selling increased from yesterday but still nothing resembling cathartic proportions. Like I said, you can take the band-aid off slowly or you can rip it off suddenly. Either way, it’s going to hurt. It just depends on your tolerance for pain or denial. The SP-500 is now extremely oversold, but the bears are not showing any signs of mercy. It’s a take no prisoners war out there.
I hate to say it, but the bulls may be required to retest support at the 1860 levels and make a stand there with a full metal jacket assault on the bears. The question begging to be answered is how much ammo is sitting in cash waiting to be deployed by portfolio managers? Hmmm….
Hillbent on the Market Direction…
|Daily Chart Technical Analysis|
|SP-500 Market Breadth|
|New 5-day highs||18||New 5-day lows||400|
|New 52-week highs||6||New 52-week lows||86|
|Bullish reversals||28||Bearish reversals||25|
|SP-500 Market Momentum|
|% > 20 M.A.||% > 50 M.A.||% > 100 M.A.||% > 200 M.A.|
|16% ↓||19% ↓
|↑ = positive momentum; ↓ = negative momentum; and ↔ = neutral momentum|
Volume Radar Alerts
- Vol % = volume percentage greater than average volume
- SIR = short interest ratio or days to cover
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