Wednesday June 26, 2013
Mark Hulbert Expects more downside.
Summation Index
Price does not have to follow the summation index to its lows but it did in the Fall of 2011. Price measured by the NYSE is still stubbornly high compared to the internal highs and lows of the summation index.
NYSE New Lows
Price, the NYSE Index, remains high relative to the New Low indicator. Now lows have not reached the extremes of Fall 2011. Price is testing the uptrend line.
NASD New Advance Decline volume
RSI at top remains stubbornly high, the index is also quite high. There is no sign here of a significant market low in stocks.
30 Year Bond Price
In 2011 investors embraced bonds as stocks sold off, see last two charts on internals. This time
bonds are being tossed along with gold.
Closed End Munis
7% Yields have attracted buyers yesterday. I realize this has been a strange idea but money has to go somewhere. I only bought a smidge. This asset class seems to be attracting some buying as all the funds I checked are up the last few days.
One has to wonder if the carnage in gold and silver will spread to other commodities, like oil for example. There is plenty of oil, more pipelines are planned to bring crude to Gulf Coast Refineries. Russian, the mid East, and Africa have little else to sell.
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