Arguments are being made that the McClellan, the Put/Call ratio and the NYSE Member buying are somehow distorted and not giving reliable readings. That may be, but it would be unwise to ignore them since, when taken at face value, they suggest that under the current sluggish price action some important accumulation is taking place, and that we should logically expect a strong resurgence of the up trend. This action should take place before the end of the month after the short term cycle has made its low and we get past the Fibonacci date mentioned above.
Is it possible that not one, but all three of these historically reliable indicators are giving us false signals? We'll know shortly whether these unusual readings are real or sham.
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