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The main story told about Icarus is his attempt to escape from Crete by means of wings that his father constructed from feathers and wax. He ignored instructions not to fly too close to the sun, and the melting wax caused him to fall into the sea where he drowned. The myth is taken as a tragic example of hubris or failed ambition, and is often depicted in art.
TK asked me if I could help out this weekend, and put together an EP for Sunday. Apparently, he's all tied up in some dark, drab, dingy basement, somewhere in New England, doing God knows what. Whatever it is, let's hope it's rated triple XXX for his sake.
The way I feel about the market tends to drive what kind of charts I share. When I'm feeling the confident the market is heading a certain direction (which is usually, let's face it, down), I zoom in on individual positions, sometimes to the exclusion of indexes. At other times, like, oh, right about now, I focus on the big picutre.
There's no doubt that the market action recently has nailed a couple of more pegs into the bear coffin that has been successfully under construction since November 2008 (the widely-recognized nadir was March 2009, but an important reversal started four months prior). The Dow Composite, shown below, has pierced a couple of important resistance levels. This is not good news for ursine sorts like myself.