The Pring Turner 10C Fuel Tank moved into positive territory last week for the first time since December 14th 2012, and now stands at the modestly positive +10 level. After peaking in early February at -40 the fuel tank has continued to fill up (improve) over the last month despite the lack of a sustained correction in the U.S. stock market. Perhaps this indicator is now suggesting that an intermediate correction might not be in the cards (as it was in early February).
On the other hand it could be signaling that an underlying correction is already taking place that has not been reflected in the major indexes yet. In recent weeks there has been a substantial number of buying climaxes (when a stock makes a 12-month high, but closes the week with a loss) which suggests the underlying market might not be as strong as the major indexes suggest. It will certainly be interesting to see how the market reacts over the next few weeks.(click to enlarge)Click to enlarge