Tuesday Jan 27, 2015
Update Dow Futures Drop 300 points
NYSE Daily
Looks like we registered the third lower high since the cluster of highs in early December in so many indexes. The NYSE is weaker than others. Every day either Art Hill or John Murphy on stockcharts e mails to tell us the bull is alive and well. One of us is wrong. Which one?
IN the lower panel one observed the CCI momentum indicator weakening. Once it stays below zero we will have the beginning of a turn.
Until then, patience. Oh, Durable Goods Orders down 3.4%.
In the news n an hilarious comment the new Greek President declared Greeks had voted for a new day in their history. No it is the same old one noted in This Time It's Different - we would rather default than make goood on our promises. Brett Stephens column in the WSJ today tells the story of trying to get an on line olive oil business going-which explains why the Greek economy is going nowhere.
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