An excerpt from an email forwarded to me today:
“The market over the past 2 weeks has begun to show some weakness in the face of higher interest rates and energy prices. All of the major indices on an intermediate term basis are now close to breaking their respective uptrend lines which have been in place since last Fall. If these lines are breached and the Bulls cannot regain control soon investors will have to consider decreasing their market exposure. This is especially so since the decline we have experienced has occurred across the majority of market sectors. At this point the Bulls still have a slight edge as the uptrend lines remain intact; however, the market action is beginning to look suspect. Within the next several weeks we should know whether the bull market remains in force. In the meantime there is no compelling reason to run headlong into this market.”
“Stories”, whether technically based or fundamentally based, don’t cut it. I know this sounds like a broken record from me, but until the “stories” slow down on Wall Street, slamming ’em for an educational contrast now and then is useful.