Capitulation. It's finally beginning. But is that what the big money is looking for? Or is a bear market about to make a comeback?
Yet another down close today. And perhaps it should come as no surprise, but there was little reason to cheer any of the market data that was released this morning. Exhibit A: Initial jobless claims came in at 472,000. Something on the order of 458,000 claims had been expected. Exhibit B: Continuing jobless claims rose to 4.62 million from 4.57 million. Exhibit C: May pending home sales fell a whopping 30.0% month-over-month; the worst decline on record. Exhibit D: June ISM Manufacturing Index was posted at 56.2, lower than the 59.0 that had been expected.
The euro rallied 2.3% against the dollar, but it didn't help Europe's major bourses, which saw significant selling pressure as well today.
And we still have the main event coming up tomorrow. Non-farm payrolls and its associated data. The market is expecting a bad number, but are there going to be any surprises?
The Seven Sentinels are still clinging to their buy signal, but I don't know how much more selling they can take before they roll over.
Here's the charts:
Still on a sell on both charts here.
It's starting to look ugly here. Two more sells.
We added a buy signal today as TRINQ joined TRIN in the buy column.
I don't like the looks of this chart. That's probably by design as the big money continues to turn the screws.
So we have 5 of 7 signals flashing sells, but the system remains on a buy.
I really don't have much to add. I think tomorrow market data will be a catalyst. I'm thinking up, but I may be off by a day or two. If it doesn't come tomorrow then I'm fairly confident I'll see one by next week. I just hope it was worth waiting for if it in fact happens.
See you tomorrow.
Yet another down close today. And perhaps it should come as no surprise, but there was little reason to cheer any of the market data that was released this morning. Exhibit A: Initial jobless claims came in at 472,000. Something on the order of 458,000 claims had been expected. Exhibit B: Continuing jobless claims rose to 4.62 million from 4.57 million. Exhibit C: May pending home sales fell a whopping 30.0% month-over-month; the worst decline on record. Exhibit D: June ISM Manufacturing Index was posted at 56.2, lower than the 59.0 that had been expected.
The euro rallied 2.3% against the dollar, but it didn't help Europe's major bourses, which saw significant selling pressure as well today.
And we still have the main event coming up tomorrow. Non-farm payrolls and its associated data. The market is expecting a bad number, but are there going to be any surprises?
The Seven Sentinels are still clinging to their buy signal, but I don't know how much more selling they can take before they roll over.
Here's the charts:
Still on a sell on both charts here.
It's starting to look ugly here. Two more sells.
We added a buy signal today as TRINQ joined TRIN in the buy column.
I don't like the looks of this chart. That's probably by design as the big money continues to turn the screws.
So we have 5 of 7 signals flashing sells, but the system remains on a buy.
I really don't have much to add. I think tomorrow market data will be a catalyst. I'm thinking up, but I may be off by a day or two. If it doesn't come tomorrow then I'm fairly confident I'll see one by next week. I just hope it was worth waiting for if it in fact happens.
See you tomorrow.
