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10/13/2009 12:43:00 PM
Transports Lagging

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While the Dow Industrials are close to the September highs, the Transports are still well below their highs. The Transports peaked on September 17 and the Industrials on September 23, but the Transports corrected 9.8% to the October lows, double that of the Industrials. Weekly studies are positive, but could diverge on new highs.
Comment on this chart: Transports Lagging
Tuesday, October 13, 2009 at 8:42:51 PM    by keith a.
I believe we are seeing the right shoulder of a double top. Support evidence includes lower and decreasing volume during the last 7 rising days, as well as the Dow Transport turning in a weaker performance. Today prices began to deteriorate from the onset. We should see further deterioration the rest of this week and into next which should take out the low of 7-8 days ago. This will be the beginning of the end of the summer rally which we are coming out of.
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Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com Video Network. He was originally trained as a biochemist but began using his computer expertise to analyze the financial markets in the early 1980s. Mr. Aspray has written widely on technical analysis and has given over 60 presentations around the world. Many of the technical indicators that Mr. Aspray wrote about in the 1980s, such as the MACD, have since gained worldwide acceptance.

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I believe we are seeing the right shoulder of a double top. Support evidence includes lower and decreasing... keith a.

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