So it was fears of inflation that finally sent them over the ledge Friday. We must wait for the market to run through its correction course before it's time to buy again.
The oscillator, which has been overbought for about two weeks now, is not yet oversold; that will take more time. In addition to that, several other indicators are just rolling over now. Most important, the
McClellan Summation Index
has changed course to the downside.
It is too early to think that this can be over yet. I continue to be cautious in here.
New Highs and New Lows
Cumulative Advance/Decline Line
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in the stocks mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at