[Editor's note: Clicking on the links will transport you to the charts. You could also save these links and keep an 'inventory' of charts that FiC watches]
Wow, what a nice
surprise today for "da bears"!
When a bear market
gets going, one of things that I do is keep an eye on former leaders at their
key support levels. For example, let's
take a look at retail because a couple months ago it did not seem like it would
every stop climbing as it neared life time highs. Notice that retail took out a key level
today. That suggests to me that there is
more weakness ahead.
http://tinyurl.com/27bkarv
(retail)
The other observation
that I have about today and the end of this quarter is that redemption selling
is back. Usually the money managers and
institutions are protecting their quarterly profits on a day like today, but
clearly we have another shock event on the charts today and the selling by
institutions is persistent. With that in
mind, here is a another fallen price leader.
http://tinyurl.com/24vtlwd
(real estate)
Notice the "hole
in the wall" set up on this chart.
If you are not familiar with this set up you can get a definition and
examples here … http://www.hardrightedge.com/trader.htm. I expect that we will be seeing this pattern
on many charts after today.
That's all I have
time for now. Good luck to everyone tomorrow.
