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The Longer-Term Trend - Saturday, Aug 12

Mike Burk made this comment today in his weekly review of the market:

The market has been following the average pattern for the 1st year of the Presidential Cycle pretty closely and that pattern turns positive in about 6 weeks.

That sounds about right to me. (I highly recommend reading Mike Burk every Saturday morning.)

Below is a look at the weekly, cumulative, net advance/declines. This chart does a good job showing the medium-term trend.

It just went negative, and a six week correction seems reasonable.

In the short-term, the market is oversold, and now I am looking for signs of a reveral...