Powerful Pivots Identify ETF Highs |
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August 16, 2013 |
August 2013 Bond Updates
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The earnings from Cisco Systems (CSCO) and Wal-Mart (WMT) combined with higher rates spurred by better unemployment numbers caused the heaviest stock market selling in quite some time. All the major sectors closed lower with seven losing more than 1%.
The decline was consistent with the deterioration in the technical studies that has been evident over the past few weeks. The divergence between the number of stocks making new highs and new lows was discussed in yesterday's column and the new lows spiked to 375 on Thursday.
The McClellan Oscillator was also featured and it has dropped to -228, which is a moderately oversold level. This does increase the odds of a rebound in the next week or so.
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View more at: http://www.forbes.com/sites/tomaspray/2013/08/16/powerful-pivots-identify-etf-highs/
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