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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.