It's been a long time since I've been able to say this, but the bearish case is getting stronger by the way. Just take a look at the NQ chart as an example:
I've highlighted three constructive events:
+ The red circle shows where, in the second half of February, the market snapped below a wedge and struggled to cling to that wedge (merely affirming its importance);
+ The green tint shows the last opportunity the bulls had to run with the baton, and they completely failed to do so…….what with the troublesome reality and facts and so forth;
+ The blue circle shows the most recent trendline failure, indicating a continuation of the waterfall down we're seeing.
In the end, though, all of humanity will be saved from itself. Why? Two words: Zynga IPO. After all, if a company whose sole purpose is to let imaginary farmers and imaginary city-dwellers run around in imaginary farms and cities can't save us……..what can? I can't imagine.
