Weekly Update

Not so bearish.

050816newhighs

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3-day new highs expanded on Friday.

050816pump

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Ye Olde Moneye Pumpe.  Is this indicator outdated?  Or bullish?

050816spxAD

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050816niksox

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050816goldyen

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One Market

Japan and the US are one stock market when seen through the lens of a single currency.

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0405lonnikspx

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I am embarrassed. Previous charts of this relationship were incorrect. They showed the S&P in euroyen terms, not yen terms. I apologize. The correlation is quite a bit tighter now.  The weak dollar versus world currencies had been helpful during the recent rally. A weak dollar versus the yen is not helpful.

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