Market Timing - Market Timing - Advisors Sent.Bulls-49.4%. Bears-18.0%.
Note:- Crude hits my forecast at $72.90, given to you, way back on June 4th. Friday July 6th, crude oil hit an intraday high at $72.94. higher by 4 cents. Bingo! B&B figs.were out Wed.4th, c/o Investors Intelligence at 914-632-9422 NY. Web site www.investorsintelligence.com
Quote:-
Rising long term interest rates & crude oil, a falling US$ and stock market weakness, all added up to a sizable drop in optimism among stock market Advisors. The Bulls fell to 49.4% from 53.8% the previous week and 56.7% two weeks before that.That was the highest reading for the Bulls in 2007. Many more Advisors appeared to be waiting for a correction so they can tell their subscribers to start buying. Meanwhile, the averages have been making a series of new highs and all indexes show solid gains for the first half of the year.
There was no corresponding increase in the Bears as their numbers fell to 18.0% from 20.4% last issue. This current reading is below two weeks ago, for a new low since July 2nd 2004 when we counted 17.7%. The Dow was 10,282 then and fell to 9,757 by Oct.at which time the Bears had gone up to 25.5%. The Advisors calling for a correction jumped to 32.6% from 25.8%.The current level is the highest since Aug.1997.
Copy 2007 Investors Intelligence, NY, USA.
Updates:-
Crude Oil hits a high Friday at $72.94, 4 cents higher than my target of $73.90, given in my report over a month ago on June 4th, when crude was at $66.21. Take a look at the web site July 7th report.
N.G.did not follow the rise of Crude, but actually drop to close at $6.56, reversing down 3 sqrs.pt.& fig.
US Dollar has hit a double low at 81.24 and holding. My target was 81.00, an error of just 24 cents.
Gold at $654 has come off a low of $641.10 and my target was $640 given on June 3rd, out by $1.10.
Silver is looking weak on the bar chart so watch that, closed $12.76.
Copper $359 is on a breakout like the rise of Crude on the pt.& fig.chart. China/India is the driver here.
This will go out by e-mail now, and later on the web. www.markets618.com.
World's top forecasting site, on DJIA, US$, Gold, Crude Oil, & N.G.
Charlton Capital Ltd. Mr.618 here, Uncle Harry.