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Invisible Stock Market Correction??? – 07/06/11 © ™

July 6, 2011 6:19 PM

• Short Term – Since June 15, 2011
  
• Up trend Underway, Small Step 2 Up
• Buy Completed, Short Term Speculator Purchase

• See the sidebar for “Odds ‘N Ends” under the category Huh??? for ideas and explanations.  For my methodology, see the category Indicators.

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The DJ Transportations achieved another new closing high today, which is half of a Dow Jones Theory buy signal.  All that’s needed is the DJ Industrials need to close higher than their May 2nd peak.

If you hadn’t been watching closely this week you wouldn’t have noticed that the market has been in a sideways correction the last few days.  The problem is that you have to pick your index to see it.  The two indexes with the biggest corrections are the semiconductors and the banks.  The semiconductors have apparently completed three steps up and are correcting.  Perhaps the rest of the market will join them in a more visible correction over the next few trading days.

10 different indexes from June 15th to the present, click the chart to enlarge it and view as actual size or 100%

07-06-11, 5 MINUTE BARS, VARIOUS INDEXES

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Posted by Bob Karrow

Categories: UPDATE

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