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Range Bound . . . . Still August 4, 2012

Posted by Tom in Thoughts.
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The media would have us feel that wonderful things happened last week, but in reality not much progress was made over the week.  Yes, there was change and there was volatility but not any steady progress.  Check out the chart below:

Still within the range, still oscillating back and forth.  The good news is that the swing lows are getting higher, a positive sign (a.k.a. a rising wedge / triangle).  I note on the chart the very positive day on Friday (blue arrows), but also note the low volume; not much of a committment by institutions and more like a trading style volume.

I won’t go into much detail about the number of stocks in Accumulation / Distribution nor will I show the strong sectors as they are both shown in my monthly newsletter (under the newsletter tab at the top).  This continues to be a very selective market with minimal leadership.  I’d really like to see Tech and/or Finance show some strength and lead the market up.  Telecom and BioTech are nice, but not the stuff of a strong market.  We may have to wait until the Fall.  In any case, please check out my newsletter for more details; click on it to enlarge it for easy viewing.

Take Care and have a good week.     …….. Tom ……..

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