Friday was not the kind of day we like to see when we are building a long side argument. The thing that worries me the most about Friday's action is that there was not real effort at a bounce after the morning hit from the GE news. Sometimes one day and one news story can change the whole psychology of the market, time will tell if that is the case here.
On the plus side, out slow momentum indicator remains solidly in the positive TradeWinds zone. We dipped a little but not severely. Fast is definitely oversold now and ready for a bounce and moderate momentum is close to being oversold. Looking at our ETFs and indexes, only one (OEX) slipped from positive momentum to neutral, and we still only have five in the negative zone. We still have good TradeWinds in our favor, but reason to be cautious. Lets see what the new week brings.
Check out our Top 25 Lists and Black Box results for the weeks.
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