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The Medium-Term Trend - Wednesday, July 26

We are probably near the top of the short-term cycle according to this chart. It doesn't mean stocks are about to head lower, but I think it does mean that the best time to buy stocks has passed. At this stage, I am limiting new purchases and more likely to take partial profits.

The PMO index is at the top of the range which is when it is time to be on alert for signs of short-term general market weakness.

Inflation assets such as Energy and Gold Miners are bottoming out, maybe. Rates are rising a little, and Financials...