$SPX update

I was wondering about market correction going on currently, if it is a correction in a bull trend or something serious to take note of. 

Since the June 1st week low of 1274, $SPX rallied ~ 200 pts and topped out in September. There have been 6 minor corrections of 40 - 50 pts along the way. I highlighted them on the graph. All of those corrections didn't exceed more than 40 - 50 pts and maintained consistency. How come there was so much accuracy? This correction is also worth ~ 50 pts so far.There is a difference between the current one and the past 5 corrections in this intermediate trend. None of them tagged the lower bollinger band, the price had a good relative strength (RSI). With these key points in mind, I can conclude that this correction will fall further albeit there may be a bounce into next week because the market is oversold. $COMPX is doing worse than $SPX, $DJI is in a better strength - this is also a sign of coming market weakness. 

Very short term - oversold, looking for bounce

Short term - bearish

Intermediate term - bullish

Long term - bullish by a long way

Stock picks for 10/09/2012

Bullish on CLX, PM, PEG, ETR, GWW

Bearish on MDR, RPM

Walmart Inc.

My last buy of WMT was here http://silverven.blogspot.com/2012/04/buying-wal-mart-stores-inc-right-here.html posted on twitter on April 23 as well https://twitter.com/SilverVen . Up 25% from that move.

Right here, WMT has been on consolidation likely to breakout. Buying more on another breakout to ride higher.

+ Low beta, good yield/ dividend, good growth, emerging market expansion, increasing sales/ margins/ earnings...no sleepless nights. What's not to like it. Slow but major boost to your portfolio!

AAPL - failed breakout

BO out of the channel was a failure. Look for a breakout up again or look for breakdown....and sell short with a stop!