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It is worth noting that of the major cash indexes:
These held the 11Jul low: DJIA, DJTA, NASDAQ, VL Arithmetic
These broke the 11Jul low: NYSE, SP500, ND100, DJUA
These closed below the 11Jul low: NYSE, Ru1000 (I have close only for this),
DJUA
I think we are witnessing the breakdown of the formerly "safe" stocks. I
believe that it is critical that the big cap stocks hold in here ...
continued weakness in the "safe" stocks will likely bring renewed selling in
the growth stock arena, particularly technology.
Attached chart shows current target of 1156-60 for SP futures. VIX finally
began moving up, however it has not yet risen to levels which should be
supportive of a major rally ... those ignoring VIX due to "seasonal
weakness" may want to revisit their charts.
Earl
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