Summary: Caution
The AC Ratios of all monitored stocks has been increasing since July 2, and today reached extremely high levels, which is a bearish sign. Today TBS indicates little buying pressure; it seems everybody was selling today, selling short as well. Almost all stocks of the group made extremely wide ranges, but the volume was not so impressive.
However, PLRs show a bullish divergence. Closing prices crossed above its 10-days MAs, which is also bullish signal.
Long-term: Bearish.
CAT, CVX, HPQ, IBM, and UTX monthly charts – bullish crossings of the 40-days and 80-days MAs, but it is too early to bet on long-term reversal.
From Old Magazines
" No matter what any one says there is always a short interest in the market arid after every depression there is always an interest which believes the market is going Lower and they will stay short until forced to cover. Manipulators build on stubborn human nature. After the shorts are run in, the manipulators buy to make a further rise."
Frank H Tubbs. A Sign of Bull Move.The Ticker and investment digest.1910
Events Affecting U.S. Business
Congress is considering a mandate for a nationwide renewable electricity standard (RES). Heritage Foundation energy policy experts explain why an imposed national RES would be bad for families, bad for business, and bad for the economy.
• Raise electricity prices by 36 percent for households and 60 percent for industry;
• Cut national income (GDP) by $5.2 trillion between 2012 and 2035;
• Cut national income by $2,400 per year for a family of four;
• Reduce employment by more than 1,000,000 jobs; and
• Add more than $10,000 to a family of four’s share of the national debt by 2035.
Read the full article here: A Renewable Electricity Standard: What It Will Really Cost Americans. Published on May 5, 2010 by David Kreutzer, Ph.D. , Karen Campbell, Ph.D. , William Beach , Ben Lieberman and Nicolas Loris. Center for Data Analysis Report #10-03
