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 Meisels & Tippins: Use Rallies to Move to Cash

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Number of posts : 440
Registration date : 2007-07-01

PostSubject: Meisels & Tippins: Use Rallies to Move to Cash   Sat Aug 18, 2007 10:30 pm

Meisels & Tippins: Use Rallies to Move to Cash

Posted on Aug 18th, 2007 Larry MacDonald :
Stock market indexes have been below their 200-day moving averages for
several days now, a bearish sign for many technical analysts.
The S&P/TSX Composite index closed yesterday at 13,048.76, down 11%
from the peak in mid-July and 3% below its 200-day moving average; the
S&P 500 shows similar declines.
The indexes have been
down to their 200-day moving averages several times during the current
bull market, but each time managed to rally back strongly. So far, a
rally is nowhere to be seen. But in their latest Phases & Cycle
investment newsletter, Ron Meisels and David Tippins call for "a
concerted rally attempt by the oversold S&P 500 … likely from a
point somewhere in the low 1400s."
However, they add, "there
is substantial overhead resistance in the high 1400s/low 1500s, and
this will prove worrisome for the bulls." Their advice: don’t join any
market rallies just yet. In fact, use them to move into cash.
as of their last missive, they haven't given up on the bull market:
"For the long-term it is far too early to declare this longstanding
bull market 'dead, since [their italics] the long-term [200-day] moving
averages for the major market indices still point upwards ... " Look
for another upleg to begin "when the leaves fall," conclude Meisels and
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