Cycle screening measures were mixed on Thursday. The aggregate measure had a tiny uptick. The components were mixed. The majority of them continue to tilt toward the sell side, including the 13 week and 6 month cycle measures, and the aggregate measure remains deep in negative territory. Meanwhile the market’s day to day moves are binary, either up or down big depending on whether it looks like there will be a debt deal for Europe or not, and whether the Chinese market melted down or not overnight. A sustained rally in the US is unlikely unless 13 week and 6 month cycle screen numbers and the aggregate measure all turn positive.
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