Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Fuel Tank Improves But Still Negative

Major indexes ended higher for the second week in a row to start 2013. After the modest up-move the Pring Turner 10C Fuel Tank remained at a slightly negative overall reading of -20. This reading does not suggest that an intermediate correction for stocks is imminent, but it makes us believe that the current rally is getting long in the tooth. We will continue to monitor our TPAS (Turner Point Action Sequence) for signs of an intermediate market top. The high number of Buying to Selling Climaxes last week is one such indication that a market top could be close.

(click to enlarge)Click to enlarge