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I occasionally peer into the broader market, as reflected by the Value Line
Composite. The attached chart is a little over three years of daily data.
The arrows point to the third Monday in July for each of the last four
years, and show that the last three have represented high pivots of some
significance in the broader market. Since the market in general has been
holding up pretty well here, the failure this week, given the prior two
instances, would seem be warrant close scrutiny.
Especially given the failure-in-progress of the techs (semis particularly)
and their significance to the market advance over the last three years, a
failure here across the board, especially at this time of year, appears
especially ominous.
Dick Crotinger
Attachment Converted: "f:\eudora\attach\VLED.gif"
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