Thursday, October 1, 2009
Talking head's reasoning
The guy on TV stated as a fact that markets were selling off today because of something the Fed said, I don't recall what. Then later on the radio somebody said it was because of the unemployment report.
As far as I can tell these are not the real the reasons. Explanations maybe, but not causes. The truth is that the markets are selling off now because of the large-scale distribution evident (in the major indexes) over the past couple weeks. First we saw several Climax High signals in a row. Then came the heavy volume without adequate price progress action at or near the highs as discussed below. That knocked the stuffing out of it.
As far as I can tell these are not the real the reasons. Explanations maybe, but not causes. The truth is that the markets are selling off now because of the large-scale distribution evident (in the major indexes) over the past couple weeks. First we saw several Climax High signals in a row. Then came the heavy volume without adequate price progress action at or near the highs as discussed below. That knocked the stuffing out of it.
// posted by gigascanner @ 10:49 AM 
Subscribe to Posts [Atom]
