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  • Fuel Tank Turns Positive (+10)

    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)

    Tags: Fuel Tank
    Mar 04 12:28 PM | Link | Comment!
  • 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.

    (click to enlarge)

    Tags: Fuel Tank
    Feb 24 4:54 PM | Link | Comment!
  • Fuel Tank Stands At -20

    The S&P 500, which has yet to post a negative weekly return in 2013, continued its remarkable run higher for the six week in a row. Major indexes remain extended to the upside with many (DJIA, S&P 500, & Russell 2000) extended even higher above their respective 200 day moving averages than their February & September 2012 intermediate peaks. With that being said, the trend continues to be the friend to the bulls. It is certainly a time to be cautious but it is difficult to get overly bearish until we start to see a change in the intermediate trend. The Pring Turner 10C fuel tank gained 20 points this week and now sits at a somewhat bearish -20 overall reading, after our Growth/Value indicator reversed from a negative to a positive reading. However don't read too much into this signal as the indicator only went marginally bullish and we suspect that any significant market correction could quickly reverse the signal once again.(click to enlarge)

    Tags: Fuel Tank
    Feb 11 7:48 PM | Link | Comment!
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