But… and isn’t there always a “but” of some consequence?...we are nonetheless bothered by the fact that so many of these broad indices “seem” to be turning for the worse, not the better. We are bothered by the fact that the S&P “seems” to be failing in recent day, refusing to make new highs while breaking short term, but nonetheless seemingly important, short term upward sloping trend lines as seen in the chart of the S&P this page. The same can be said of the Dow; of the NYSE and of the Russel. This we find worrisome; this is what keeps us up at night.
Finally, we found it more than merely passing strange that on the first of the month stocks did not advance. Historically, new inflows of money have taken the indices higher on the first trading day of each new month. This time that did no happen, and that has given us reason for concern. ...... we find ourselves uneasy about the equity market… very, very uneasy