Hello Fellow ChartWatchers!
The bears are out and pulling the market lower. All of our market commentators will discuss the latest technical developments below (including some potential "safe havens" that may benefit from the current market moves) so we decided to give you an extra-long, extended version of John Murphy's commentary in this week's newsletter. It starts in the next section.
Before I clear out of the way for John, I did want to mention two things:
First off, our Summer Special is now in effect. If you are thinking about joining StockCharts.com as a member, now is the best time to do it, period. If you are already a member and your membership expires anytime before the end of 2012, go ahead and renew now to lock in the special rate. Long-time members will tell you again and again: "Renew whenever they have a special running." Don't wait however - the special is scheduled to end before the next newsletter goes out. Go ahead and take advantage of it right now.
Secondly, I urge you not to fall into the old trap of "The market is headed lower so I don't need to watch it now. I'll wait until it turns around and then I'll get more involved." That is the exact opposite of the mindset that the charting pros have. Even if you only want to play the long side of things, it is critical to pay attention to the technical condition of the market as it declines because the technicals will tell you when the bulls are coming back long before "the mainstream financial press" or "conventional wisdom" will. Stay alert during this decline by using things like the Bullish Percent Indexes that I talked about last time as your guide.
OK, let's see what John, Arthur, Carl, Richard and Tom have to say...
Take care everyone!
- Chip
