Monday June 11, 2012
Perhaps I should have paid more attention to my longer term update that I posted after the weekend update. I noted that it appears we are on the cusp of turning down in all major markets. Today that seemed to happen from Shanghai to Spain to the US.
Ramki posted this article suggesting much lower prices lie ahead. It is also under Great Speculations at forbes.com.
Richard Russell declared we are again n a primary bear market with the Dow Transports and Industrial both down.
I would always rather liquidate and step aside with than stay for what might be a genuine disaster.
Oddly the summation indexes for both the NASD and NYSE were slightly up today.
SPX turned down right at its 200 day MA. Other articles suggest that even with a Euro infusion Spain would not be able to meet the new debt requirments, the injection would be a loan after all.
We clearly finished five waves down, was this move up just a reflex bounce? If we are indeed headed dwon the daily summation charts would and could head lower.
More later, just letting everyone know this has not escaped my attention.