Market Comment (S & P 500 Index 1241)

I have already said I'd like to see a healthy short term market correction almost across the board, but let's talk a bit more about what's out there beyond the near term.

I'm looking for oil and gas to continue in a powerful long term uptrend once a sharp short term correction is in place. In the resource area, I also like the long term outlook for base metals, gold and copper. It makes sense that the long term CRB Index trend looks good as well (Commodities Research Bureau).

I had said earlier that several U.S. senior banks show negative long term prospects from a price momentum perspective. With regard to the banks I am now seeing news reports suggesting that the flattening yield curve is putting the squeeze on profits. ( I try not to comment on fundamentals, but it's hard to resist when they come along after my forecast is in place.)

I'm looking at negative long term price momentum forecasts widespread among retail issues that have performed well in recent months. A sea change in retail prospects ahead?