Stock Market Double Pop-N-Drop
Stock-Markets / Stock Markets 2012 Aug 31, 2012 - 02:25 PM GMTHave you noticed that stocks elevate just prior to any of Bernanke’s speeches? The press reports this as if the market hangs on every word that he speaks. Today there was nothing to hang on to.
From ZeroHedge: The market is not amused...
- *BERNANKE SAYS STAGNATION IN LABOR MARKET IS `GRAVE CONCERN'
- *BERNANKE SAYS FED WILL BOOST ACCOMMODATION AS NEEDED FOR GROWTH
- *BERNANKE SAYS HE WOULDN'T RULE OUT FURTHER ASSET PURCHASES
- *BERNANKE: QE `SIGNIFICANTLY LOWERED LONG-TERM TREASURY YIELDS'
- *BERNANKE SAYS IMPACT OF QE IS `ECONOMICALLY MEANINGFUL'
- *BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
Right. Now the HFT machines are being turned on to intimidate the “great unwashed” and shares will start being dumped in large quantities on an unsuspecting public. Once SPY drops below 139.95 and the SPX below 1396, the selling volume may explode. Today may close much lower because of this.
FXE extended its wave (2) retracement into a triple zigzag. It, too may begin its decline today. The big issue I see is for those investors away on vacation and not paying attention to the markets. Today is a critical time to position oneself for the decline if one hasn’t already done so. The reason is that the liquidity cycle is turning down hard over the weekend and our markets will be closed for the holiday. Unfortunately, Europe and Asia will be open and beginning their decline in earnest.
Regards,
Tony
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