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The Stock market is showing absolute lack of resolve. We are reeling from
100 points up and then 100 points down. The there is a probability an
important top has formed. Below are some of the peritent issues we have noted.
1. Asia is starting to breakdown ..especially after we have been instructed
the Asia plague has been contained.
2.The Breadth in this rally has been very weak. Advancing issues and
advancing volume
3.We have tested various support lines on various indexes and have failed.
4.This is also seen in the combined A/D lines..all the indexes combined.
5.Transports have broken an important uptrend line
6.Utilities have also broken an important uptrend line and serves as a
leading indicator for the Stock Market as a whole.
7.Optomised is at an all time high as measured by many indicators..
put/call ratios..VIX.. sentiment.. and even magazine covers. This is VERY
BEARISH.
We track on daily as well as on a weekly time basis various systems that
measure the Stock Market. We use 40 of them currently. As of Friday 31 of
them were still on a buy.
Caution is urged at these levels and valuations.
Andy Abraham Cta
Analytical Market Timing
www.amarketiming.com
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