Well I still don't want to say too much about the market during this week of so many earnings reports. However, I just saw today's Worden Report (from the makers of TC2000 ) and thought it was worth posting:
MoneyStream Breaks Below July 1 LowFor the Dow, MoneyStream has now penetrated its July 1 low, rendering the action of the entire month a failure. Today's and yesterday's price declines were on increasing volume. This is also true of the SP-500. We must assume that MoneyStream thinks the price will break below the July 1 low. The short-to-intermediate term outlook remains down.
The Nasdaq (COMPQX) is superior to both the Dow and SP-500 in terms of price pattern and MoneyStream pattern. The TSV is in positive territory, but it is nevertheless negatively divergent with the July price rally. Overall, it is a good pattern suffering some loss of momentum. Tech stocks are somewhat mixed with a bias to the upside. On the whole, they have not lost their ability to make their own destiny, despite what the market may try to dictate.-DW
For a definition of MoneyStream, go here, click 'Index', then enter MoneyStream.
