I'm still hoping from a selfish stand point to be a bull, and the charts below help. The first chart is the percentage of NYSE stocks that are trading ABOVE their 200-day moving averages. The percentage is now well above 50%, which is bullish. In other words, over half the stocks on the NYSE are trading above their long-term or 200-day moving averages.
You wouldn't know it from GDOW, but we're in a global recession. Manufacturing is falling in the US and Great Britain. Also falling in China, Japan, Taiwan and Brazil. Truck and rail traffic is falling, and global air traffic and dry cargo, worldwide, is sliding.
The bear signal that I called in early May -- that forecast now seems to be showing results in economies around the world. Yet strangely, even as the economic statistics turn bearish, the stock market is holding its own.
So what's a poor investment-service ... Log in or subscribe to continue reading.
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