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This is a quick update today. I'm traveling up to Great Lakes, IL to see my Step-son graduate from Navy Boot Camp tomorrow. I spent 25 years in the Navy myself, so this is a proud moment for me and his mother. I probably won't be posting much, if at all the next few days.

The Seven Sentinels have not changed other than to get more bullish, but a pull back may be in order very soon as we get extended to the upside.


No change here. All solidly ...

Yep. We should drop from here. Logic says so. Gold over $1,000. Dollar falling below support. Sentiment is bearish. The Baltic Dry Index is lagging, and there is still a strong demand for Treasuries, as evidenced by yesterday's 3-year note auction.

Stick a fork in it.

But there's a problem. The Seven Sentinels are not buying this doom and gloom picture. And neither are the top 25% in our tracker.

I had hoped for some selling yesterday and/or today. I ...

How much further can we rally without a meaningful correction? Since the March low was put in this market has been rife with bear traps.

Yes, we were seriously oversold in March. But it's not like it was without reason. We had seen some serious shockwaves to the system. A rally was to be expected. Sentiment was solidly bearish. We were due.

Some will tell us that the market looks out 6 months ahead and trades accordingly. We are now in the 6th month since the March ...

The market managed to tack on some gains today with the S&P breaking 1,000 again. I am not convinced that the downward move is over. In fact, I think closing above 1,000 may be a hook for the bulls. I will say that the Seven Sentinels improved today, but we are still away from a buy.

To the charts:



$NAMO just did flash a buy today, and $NYHL also flashed a buy signal. $NYMO is very close to a buy, but $NAHL did not make up much ...

So far, it's a long overdue pullback. It could be something more, but we haven't seen enough damage yet to draw any further conclusions. Sentiment will continue to play a big part in how the market trades in the coming weeks. This is something to watch, as rising bullishness in a down-trending market can be difficult to reverse. So far sentiment does not suggest that is the case, but only time will tell if this condition develops.

Here are the current Seven Sentinels signals.
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