DOW THEORY NON CONFIRMATION

At recent Transport highs ( ALL TIME HIGHS!) the SPX index was not even at new high for the rally. Since then both have been steadily falling. New worries about European debt and the US debt ceiling.

Some kind of "save" is expected, with a last minute DEAL. That may prove even if it comes to be temporary. 9.2% unemployment says more than any debt deal, things could certainly unravel quickly if the smoke clears and enough people are watching.

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