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Stocks Correct - Fuel Tank At -10

The S&P 500 experienced its first weekly correction in 2013 and the Pring Turner 10c Fuel Tank now sits at a fairly neutral reading of -10. It will be interesting to see if this is simply a short term blip on this bull market advance or if there is a further correction in the weeks to follow. One indication that we could see a continued correction in the weeks/months ahead is the number of buying climaxes recorded last week. According to investors intelligence there were 386 buying climaxes as of the week ending 2/22/13, the most since May 2011, with a lot of those climaxes being stocks indexes themselves. Additionally of the measly 30 selling climaxes registered last week 15 were ultra short ETFs.

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