Tuesday, August 8, 8:47 pm EST. I’ll be updating the timer tomorrow, but I don’t expect anything, but overbought extremes in the technical measures of market risk. That said, today’s market price action gave some pretty traditional indication of having just put in a near-term market top. If so, we might be able to expect the start of a stock market ‘correction’ in prices, if the interpretation of today’s action is statistically indicative of what is to typically follow after that kind of price action we saw today. Let’s see if we begin to start down for awhile, in such a manner that we enter into the somewhat typical later Summer and Fall market swoon that has so frequently set up for the great year-end rallies that seem to have been so common in recent years.
When I update the OEXpert 7 Timer, I’ll report on its status.