WHAT I LOOK FOR IN A NICE BOTTOM
McClellan Summation Index (Ratio Adjusted NYSE)
Current —- -380 Looking For -600 to -800
VIX ——— 23.8 Looking For 30 to 34
These levels often define a lower-risk intermediate-term entry point.
Today is just plain awful, so far. But there is no spike in the VIX. The FOMC has become irrelevant, talking the talk, but not walking the walk. Weaker $ is not the answer, but the FOMC seems scared to fight the $ weakness and attack inflation. Weak leadership at the financial and political helm lead to weakness in the markets. Anyone blaming this sell-off today on GS negative call on financials are foolish (CNBC!).
The US power and presence is diminished and it shows up in our $ and bear market. Even the entertainment industry has gone globally to seek opportunity. Speilberg, Stallone, etc now embrace Bollywood, not Hollywood. The co-chair of C is based in the middle-east.
When will the market turn? Along with the technicals I am looking for, I need emotional fear to confirm. Mostly coming from Dennis Kneale, the ultimate contrary indicator (isn’t that is why he is on CNBC?). Come on, DK, cave in.
3 years ago • Notes