Did you read IBD friday, 6/23 edition? O'neill says 3 of the last 5 days were "distribution days". Also, page 1 has some simple charts that imply a slow in the economy is just ahead.
The charts are: Autos, steel, Aluminum, discount retailers, wood, textiles, paper, electronics retailers, fertilizers, heavy construction, railroads, and truck parts.
Causaubon:
This supports the argument for an end to rate hikes, and possibly a cut this fall... As for the distribution in the past 5 days, that's ok... It's an orchestrated event to give the FED that warm and fuzzy feeling that the "Wealth Effect" is subsiding... Why do you think the institutions have been on the sidelines? They didn't want to rock the proverbial interest rate decision boat... You can bet that they'll be back with a vengeance this week...
Jim |
