Market is now oversold and DUE a bounce, there are rumors a new eletrical feed is being run into the NUKE plants in Japan to get water coolers working and maybe avoid total meltdown.
That the market would use to feed a counter trend rebound.
Beaking prior 2011 lows and on a close is BEARISH IMHO, but it will take time for this to show on the longer term MA's.....so at MINIMUM short term bearish technical damage has been done......we leave it open for any possible outcome, but the ST has turned bearish.
The 20 and 50 EMA'S are turning over, rolling over.....if they both begin to descend.....it will act as Resistance to any ensuing rally.
WE KNOW mostly the 2009 rally was built on.....FED actions....and FED actions are about all that has kept it going....feeding speculation instead of being a true FREE MKT system that reflects reality.
The hosuing data today was so specious, that only a fool could find something good in it. WE HAVE MADE LITTLE OR NO HEADWAY since 2009......but stocks don't reflect that REALITY because of the manipulation which is being used to help us feel better....trickle down economics.....sure hasn't sold many homes.....meanwhile savers getting raped....I am expecting rally soon.....I don;t think lows are in....I wish CNBC would have that asshole on that told everyone yesterday the "LOWS FOR THE YEAR ARE IN"....well he was proved wrong today.
Things are going on, OK, I get that......but they wouldn't at all without the secret kisses from the FED and they cannot stop.....so inflation will always be downplayed like it doesn't exist....and any data they want can sound wonderful....cept maybe the housing data....housing is right where it was at 2009 LOWS, the worst it ever was.....STOCKS surely are not!
Duratek
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