Stuck in Hesitation

Indecision is still the most apparent aspect of the markets. True, the highs have been a bit higher each time, but a definite change set in at the start of this month, and the strong advance lost momentum. The S&P 500, shown below, has been stronger than the Dow, which has been swinging repeatedly above and below the magic 14,000. 

Wednesday's trading makes it particularly apparent that there is an overhead supply of sellers that is hindering a lasting rise. This hesitation combines with overbought longer-term indicators to say that we are set up for what I believe is going to be an intermediate-term decline....316 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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