Another indecisive day, but reading the lines I see some hopeful signs for the long side argument. Our slow and moderate momentum has basically flattened out. Given the volatility that we have seen in recent weeks where the market and our indicators jumped around, this is a good sign that suggests base building to me.
Our fast momentum continued down today, but is definitely in oversold territory now. When that snaps back we should see a general move to the long side in our momentum indicators. Its the beginning of a new quarter and now that the end of quarter window dressing in done by the mutual funds, you may see some signs of money moving into some new areas - like techs.
In the sector watch, we did not pick any new sector into positive TradeWind territory. We did lose one into the negative territory - SLV, which is a reflection of the on-going correction in the precious metals.
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