This Weeks Big Picture

I posted a lot of sector and market index charts below, but I'll try to sum up what I'm seeing in this section.

The market is trying to put in a bottom and bounce, but there are still the credit issues and surging oil prices that continue to bat it down. It's seems to be supporting and it still may hold, but many are anticipating and expecting a capitulation move down which may be keeping the big money buyers on the sidelines for now. If and when we get the next leg down we should expect a retracement similar to what we've seen in all of the other hard moves down. They may take a while to develop but it will eventually bounce back up. It always does in time. Have patience.

I continue to be bearish on the intermediate term as the charts are confirming that, but I also expect a relief bounce to develop soon that could last a month or two.

I will continue to watch the charts and base my trading decisions on what I see and not on what I think.