Target of H & S Top that appears to be playing out is around $72 on the IWM. Major Institutional Dumping has been occurring throughout late March and April. If you are not back to cash yet or short, its time. 79.10 with intraday low of 78.31. And BTW the PE of the IWM can't be 6.2 times. There is no way.
I think today would be called a dark cloud cover candle after a blow off top yesterday and the IWM closed well below the 2 day VWAP meaning the average buyer of the last two days is well under water right now. Need a confirmation tomorrow with a close below today and yesterday's low and that value was the open on Tuesday. If market gaps down another percent or two on the open tomorrow, panic will set in and the indexes could start the long awaited collapse during the supposed "window dressing" season. Most investors would like to see their fund managers who may be up 10-15% in Q1 be sitting in cash at the end of a record breaking quarter than in extended stocks and indexes. Doesn't that make sense? The fund managers that are at or above the index quarterly gains may be tripping over each other selling everything they own in the next three days to lock in those massive gains. The count down begins. Don't be surprised to see a 10% correction over the next week or two.
small caps will lead the market lower. Friday was a huge breakdown below 80.....or a scary bear trap. I think it's the start of a broad 20-40% sell off across the board, but APPL action will set the stage for the S & P 500 and NDQ 100.
he is dangerous to your financial health, read his post, he's been short since Sept. Don't trust anyone who constantly cuts and post others opinions, he cannot think for himself. For you chartist, look at a monthly S/P 500 chart over 5 years, we have a cup and handle pattern and this market is going much higher, target is 1700 with a few bumps, lumps along the way. This clown has no idea how the real world works.
Who were the big gainers on Friday? the shipppers, frontline, osg etc. I checked with the Port of LA/Long Beach, outgoing shipping increased nearly 7% over the past 60 days. Do your DD, but do not listen to this f/ck-nut.