Hello All,

We’re back again with a familiar refrain…

The markets are still struggling today as the Turkey turmoil continues to hamper share prices.  As we noted at publication last Tuesday, during Wednesday’s webinar, and in nearly every update that’s followed, the SPX was caught up in many lines of resistance and support after reaching a short-term overbought status.  It and the XLF, which had been working too, have both come under pressure due to all-worries-Turkey.  This is only natural in that a pause or pullback was due to occur.  Where it goes next is our concern:

USB is heavy and that’s to be expected if the indices and especially the XLF are being sold off.  $52.80 was the tighter or our support levels.

MAR and HLT, our bears, may be approaching short-term oversold and might need the market to really break to fall further in the very near-term.

We’ll see…

We’re combing over other names to see what we can dig up.

Thanks!

Sincerely,

Wayne