PM update:
NDX fails the 200 dma test as bonds catch a bid. RUT also stalled at 731, 23.6% all time high and 2002 low. That is not a good sign.
Lots of talk out there that we are in a mild recession and that this time is different. Price action is telling us otherwise and that we have much more downside over the next few months.
Remember last night's OEX chart and the 50% mark at 621? Bulls are not safe below that and today saw a bounce up to 618.41 followed by a steep drop. It might change at the close, but these rallies are getting some pretty obvious distribution.
NDX fails the 200 dma test as bonds catch a bid. RUT also stalled at 731, 23.6% all time high and 2002 low. That is not a good sign.
Lots of talk out there that we are in a mild recession and that this time is different. Price action is telling us otherwise and that we have much more downside over the next few months.
Remember last night's OEX chart and the 50% mark at 621? Bulls are not safe below that and today saw a bounce up to 618.41 followed by a steep drop. It might change at the close, but these rallies are getting some pretty obvious distribution.
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on Friday, June 13, 2008 at 6/13/2008 12:46:00 PM.
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