Market Comment - Indexes

In a Market Comment (entitled "Milestones") on May 4th of this year, I said that I was concerned because too many important market indicators were at resistance, suggesting a possible market top. That was the day of the recent market peak as it turned out. In a more recent Market Comment, published on June 20th, I said that I thought we were in the midst of a healthy intermediate term correction in a longer term uptrend.

As I look ahead to the end of 2006, I'm now concerned that something more than a friendly intermediate term correction could possibly lie ahead. It is often the case that everything initially takes a tumble in an overall market correction. Among the things I follow, it would appear that Gold, Silver, Copper and Oil might still be in longer term uptrends after correcting along with the rest of the broader market, should such a downside market adjustment occur.

DJII 11,090
S & P 1265
Nasdaq 2130
Nikkei 15,346
Hang Seng 16,459