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  • Martin Pring's Take On The Intermediate Trend

    The intermediate KST [momentum] for the S&P continues to move higher and is moderately overstretched. The good news is that the intermediate health indicator, which measures a basket of Dow stocks experiencing a positive KST, is still rising and it has a consistent record of leading the KST itself.

    (click to enlarge)

    Finally, some measures of sentiment are flashing warning signals. Chart 17, for instance, measures advisors looking for a correction less those who are bearish. The raw data are published by Inverstorsinteligence.com. The recent high reading is not necessarily the kiss of death, but does point up the probability of a sideways or mild correction.

    (click to enlarge)

    - Martin J. Pring - April 2013

    Apr 02 5:50 PM | Link | Comment!
  • Fuel Tank Remains At +10

    As of the end of the first quarter The Pring Turner 10C Fuel Tank continues to sit at the relatively neutral +10 level. Our long-term business cycle indicators remain positive, however we are getting a few signals from some intermediate indicators that suggest stocks are vulnerable to a correction. For more information about our take on the intermediate trend read our next instablog post covering Martin Pring's latest observations.

    (click to enlarge)

    Tags: Fuel Tank
    Apr 02 5:41 PM | Link | Comment!
  • Fuel Tank Steady At +10

    The Pring Turner 10C Fuel Tank now sits at the relatively neutral +10 level. However stocks continue to look vulnerable. Market top formations can stretch out over a few months with weeks and weeks of high numbers of buying climaxes (a characteristic we have seen recently).

    (click to enlarge)

    In a report last week, John Mendelson of International Strategy & Investment Group LLC points out, "The NYSE Composite Index (NYA), a capitalization-weighted composite of all NYSE stocks and one of my long standing proxies for the broad equity market, is currently farther above its 200-day average or more extended to the upside than at its early May 2011 peak before a 24% correction or at its mid-April 2010 top just prior to a 17% selloff."

    Recently to go along with the heightened number of buying climaxes there have been fewer and fewer stocks making 52 week highs while the broad market continues higher. Net new highs have fallen, the percent of stocks trading above their 50-day MA has dropped, and several oscillators are showing less participation in the rally. In addition the relative Strength Index (RSI) for many of the broad indexes are showing a negative divergence (lower RSI readings & higher prices in the indexes). These indications could be warnings of a significant correction ahead. So continue to monitor the market trend and be on the lookout should we get a significant reversal.

    Tags: Fuel Tank
    Mar 25 5:54 PM | Link | Comment!
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