The Big Wait
by
, 11-26-2010 at 05:20 PM (1846 Views)
Given today was an abbreviated, post-holiday trading day I really can't offer too much in terms of what today's action tells us. Volume was very light as expected. More so than last year at this time. But let's review where we stand after this week. Here's the charts:
NAMO and NYMO clung to their buy status, but remain in negative territory. One could argue that they appear to be climbing back up the ladder again after their Nov 16th low, but that's not a given. I would call these readings neutral at this time.
Not much to be gleaned from NAHL and NYHL either. One is on a buy and one is a sell, but like the previous two signals they are up off their lows from last week.
TRIN and TRINQ worked off their overbought condition and have gone relatively neutral.
Even BPCOMPQ looks tentative. Yes, it's on a sell, but it's also moving sideways.
So the signals are split between buys and sells, but we're in a sell condition and that has not changed.
Our sentiment survey flipped bullish for next week, and I respect that. The Sentinels are on a sell, but wavering. It would still take significant upside pressure to flip the signals back to a buy at this time.
Currently I am neutral and although the Sentinels are still on a sell the bulls have kept the bears in check. This could be a battle between the two sides over the next couple of weeks and I'm thinking we may be settling in to a volatile trading range. But we'll take it one day at a time. See you this weekend when I post the tracker charts.