I don’t have much time to write today. However, be
advised that the Transports have violated on a closing basis their secondary reaction
lows, hence confirming the Industrials. Even though the S&P 500 have not
confirmed, since we had a secondary reaction according to the Classical Dow
Theory (as interpreted by Schannep, but “classical” nonetheless), we may say
that according to the classical Dow Theory a primary bear market has been
signaled.
Tomorrow I will try to write more extensively and post
charts.
Sincerely,
The Dow Theorist
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