Wealthbuilder.ie
On the 21st. May we wrote the following:
“Due to lower highs and lower lows on both the Dow Industrials and Dow Transports there is
now a change of trend in existence in the markets. How long this correction will continue no
one can be sure. A bounce can be expected at any time due to the fact that the market is
terribly oversold based on Stochastics and the McClennan Summation Index. However, I do
not think we have seen support lows in place yet. What is the reason for this capitulation? As
mentioned in my last brief I believed the “flash crash” of the 6th. May mortally wounded all
indices from a technical pointy of view. It will take some time, probably the whole summer,
before some degree of confidence is restored.”
full report in PDF here Wealthbuilder_Quarterly_Brief
