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Buzz & Banter


While the market's green on the screen today looks impressive, and the internal stats show positive breadth by a wide margin, underneath the surface there are more point & figure sell signals than buy signals today.

The recent technical weakening of short-term indicators and increase in sell signals means risk has increased over the past week, not decreased. Unlike the minor correction in July, which saw only two of the 43 sectors we follow reverse down temporarily to defense, this time we have already seen 11 sectors reverse down to defense.

I can almost sense the feeling among the bulls out there that the weakness over the past few sessions leading up to today's flashy move has wrung some of the risk out of the market. I can't emphasize enough how absolutely incorrect that feeling is. Risk has increased in the market, not decreased.
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