Perils of Pauline…

Posted on Jul 26, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p68983365835&a=214966864

Just when it appeared that the market was about to be run over by the bears the Europeans made nice sounding noises and rescued prices from taking out the important low from July 12.  The penetration of this low, though it appears inconsequential, would have cast into doubt this entire upwave.  The power of the response indicates that there is plenty of buying power if the news situation -- in particular Europe --  would stabilize.

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