Stock Market Update, Monday, June 24

Futures have been hit fairly hard in Globex. Cash-based internals are very compressed and suggest a low should occur soon. That is a time call, not a price call. We may be in the midst of a short-term capitulation …

S&P May be Close to Another Buy Point

The price/Breadth relationship in the S&P has been quite consistent since last November’s low. If the present pattern holds, any further decline in the S&P below the recent low should be contained above 1623 (basis cash) prior to another ramp...