STILL IN CORRECTIVE MODE....BUT...

We settled with a 5 point loss yesterday after settling there earlier in the day and then just mulling around those levels. We are right in the area where the correction could stop and turn up again. In a worst case scenario we could head down to 226ish at the 89 day movning average.

The weekly chart is showing support around the same areas and notice that the 34 week moving average is about to cross over for the first time in over 15 months. This is another positive sign for the longer term..assuming of course this actually happens. But we are in an area where there is a lot of support to keep the uptrend intact.

Not much on the news front this morning as the month of August continues to move right along. No upgrades or downgrades showing up. Oil is a little lower and natgas has now of course turned a little lower after opening higher. Nat gas is back down to its low of around 12 on the UNG and 3.20 ish on the futures. Again ..one of these days.....!!!!!

Finally here is something that should give you a bit of a laugh.