If you are watching daily signals and following them, this type of market has to be driving you nuts. I’m starting to hear a lot of rumbles even at work about being toppy, or I just a crash is coming, or I’m all out. Not sure if they are right or wrong, but I kind of like hearing all the negative tones. When the little people, you and I, start to panic and bailout of the market, the smart money managers are throwing money at it. Do I know what the smart money is doing? Nope, but I can tell you it happens all the time. So, I’m liking what I’m hearing. Now do I like what I’m seeing on the charts? No, I don’t but it is not the time or the place to bailout yet.
Last week I pointed out a dark blue wedge that the S&P has been grinding inside of. Well, almost nothing changed this week other than we squeezed tighter into the wedge. Both warnings are still on, which means a hold on the daily, and half way thorough the month we are still above the monthly. Absolutely nothing to do here but watch the show.
Not a lot has changed here either on the Small Cap but there are 2 things to note. The gray area I mentioned last week that was important to hold, held. It is better shown here with the small dotted green line. The bad news is that price slid lower and closer to the monthly sell line. half way through the month, so a lot can change between now and then. Nothing to do here but sit and watch.
The International had a very brief flash of a buy signal Monday, but it quickly failed. So just as I said last week, we are just grinding sideways. Price has fallen below the monthly. It is concerning. I made a mistake in the buttons last week on the I-fund. It was a sell weekly and still is.
Bonds daily is still a buy, but warning 1 fired Friday. Is any index safe or strong enough to hold a buy? Goofy summer so far and hopefully things change soon.
It has been a very screwy Summer and one where it has been hard to hold and watch. I stand my ground where I am until the end of the month.
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