In my estimation, the dreary, slogging, multi-month range we’ve been all living through is a gargantuan distribution top which is, thank the maker, starting to roll over. Thanks to energy, I have been enjoying this rollover more than one who simply has been shorting the market in general, but I think other assets will soon join crude oil and its minions on the triple-diamond downslope quite soon.
Looking at the S&P 500’s trio of exponential moving averages (50, 100, and 200), we’re getting tantalizing close. You can almost taste it. Janet is still happy, though. The fraud, initiated by Bernanke and sustained by herself, is holding up at the moment.