Aug 23, 2010

Markets opened up and drifted down on low volume. This pullback has been much more about a lack of late-summer buyers than an increase in aggressive sellers. No reason to see anything different until Labor Day. That’s the first real day of interest now — barring some obvious external news event.

Short-term: 4 yellow – tending yellow/red
Intermediate-term: 2 yellow, 2 red – tending yellow/red
Stock targets: 60% swimming, 20% neutral, 20% sinking

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