While some of the industry charts have turned up (Transports, Materials and Consumer Discretionary) and look strong, the overall market BP charts (SPX, NYSE, NASDAQ COMP) are still saying that we remain on the defensive. As a result no new longs are being initiated.
A few shorts will be considered, will keep you posted.
One final item to consider - the DJIA Bullish Percent chart just gave a Bull Confirmed signal.
Friday, February 22, 2008
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