Switch gears…

Posted on Oct 10, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p97142210271&a=214966864

The general market environment has deteriorated over the past few days.  In the SPX a new pattern appears to be emerging-- namely a lower high and a lower low.  At the moment this lower low is razor thin --.64 as compared to .53, but the alert is there.  In addition the SEpt-Oct pattern has a toppy look.  It appears something like a double top on a very minor scale -- is not by definition as it is too short a time scale.  The implications of this formation are not significant at this time  -- about 40 points but it is never wise to relax your vigilance.

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