It was looking pretty good there for awhile, but given this market's propensity to reverse course intra-day lately I can't imagine anyone could be comfortable trying to exit the market thinking a gain was "in the bag".
And once again the euro seems to be dictating which direction our market goes. What began as a rally in the euro early on, faded later in the day with euro posting only a fractional gain by the close.
The Seven Sentinels continue to look dicey. Here's the charts:
Not much change here, NAMO on a sell and NYMO on a buy. But both are close to their 6 day EMAs.
NAHL remains on a sell, but NYHL managed to flip to a buy with today's action. Still, the chart is not inspiring.
TRIN and TRINQ remain on a buy for now.
More weakness for BPCOMPQ.
So we have 3 of 7 signals on a sell, but the system remains on a buy. The charts do not look bullish, and as I mentioned yesterday the last buy signal would appear to be another false signal. But be that as it may the system has yet to produce another 7 sell signals simultaneously. One more hardy sell-off would probably do it though, and that would make it official. I'm pretty sure it's coming too.
Tomorrow we have three economic reports on tap; Initial Claims, Continuing Claims, and Trade Balance. Will the next leg down be triggered by something here? Stay tuned.
That's it for this evening. See you tomorrow.
And once again the euro seems to be dictating which direction our market goes. What began as a rally in the euro early on, faded later in the day with euro posting only a fractional gain by the close.
The Seven Sentinels continue to look dicey. Here's the charts:
Not much change here, NAMO on a sell and NYMO on a buy. But both are close to their 6 day EMAs.
NAHL remains on a sell, but NYHL managed to flip to a buy with today's action. Still, the chart is not inspiring.
TRIN and TRINQ remain on a buy for now.
More weakness for BPCOMPQ.
So we have 3 of 7 signals on a sell, but the system remains on a buy. The charts do not look bullish, and as I mentioned yesterday the last buy signal would appear to be another false signal. But be that as it may the system has yet to produce another 7 sell signals simultaneously. One more hardy sell-off would probably do it though, and that would make it official. I'm pretty sure it's coming too.
Tomorrow we have three economic reports on tap; Initial Claims, Continuing Claims, and Trade Balance. Will the next leg down be triggered by something here? Stay tuned.
That's it for this evening. See you tomorrow.
