|From WebSurfinMurf's Financial Blog|
The Bear is back, he has been violated and abused for over two years.
Out of ALL Long stocks, and even resource stocks should get somewhat routed. The next upswing I think will be an explosion for resource based stocks on the upswing.
My target for market turn around is around presidential election 2012. The deflationary collapse of Europe can make all of this much worse.
See post "Downturn ahead in stocks" for more detailed information. The lines have crossed, click here for latest charts.
A 1% gap or more between crossings is a more firm confirmation, I'll post once I see such a gap. For me, this is good enough to listen to. Those who think the USD is dead are in for a rude awakening, if they haven't gotten one already. The USD crisis isn't until after the next upswing and the next cycle of down pressure. I still think 2013-2014, possibly as late as 2018, depending on how events unfold.
S&P 500 sit at 1216, GLD at 173, TNX at 20.76, TYX at 33.41, OIH at 130, APPL at 400.5, USO at 33.4, AVL at 3.96, REE at 7.99, GDX at 64, RJA at 10.10, US dollar index at 77