Indications Are Very Bullish
From Streettalk Off The Street
November 27, 2012 - 2:16pm
November 27, 2012
By: Lawrence G. McMillan
While there are still some mixed signals for stocks, some very powerful signals have lined up so that the bulls once again have a chance to take control of this market.
The selloff in late October and through most of November produced some oversold conditions. Those in turn have produced buy signals of an intermediate-term nature. But before one can act on them, further confirmation is required, in my opinion. Some of these are quite powerful signals, but the one true indicator is price and so that is the one on which we will most strongly rely.
From its early October highs to its lows last week, the Standard & Poor’s 500 Index had lost 125 points — a sizable decline, although not a particularly “fearful” one. As a result, SPX is in a downtrend, and that is bearish for now. Friday’s strong semi-holiday rally brought...
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