Thursday, July 19, 2012

19 July 2012

Long term is still in positive territory and is not overbought.  There is quite a divergence between this reading and the previous high.
 Medium term is severely lagging its previous peak.  Once/if this turns downwards below that previous peak, that will be a very negative sign.
The same thing shows up in the short term.

It seems that the only thing lifting this beast is the declining VIX which still is not at its long term support.

Simple pleasures…are the last refuge of the complex.
Oscar Wilde

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