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The Chartman

The Market isn’t Strengthening any Time Soon

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A few weeks ago, I noted the long – very long! – period of congestion would almost have to be broken with a major move.  I didn’t know the direction, but was confident of the ferocity.

Sure enough, we dropped with a bang, and despite a few rallies, Friday’s action told me the market isn’t strengthening any time soon.

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There is a distinct camp of economists who say the economy is doing just fine.  If so, why is Wal-Mart (NYSE:WMT) having a downright awful year?

Maybe oil has bottomed!!  Or not.  Still looks weak to me.

Back next week to see if we revisit the lows…or if the Chartman is completely wrong!

What do you think?

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