Thank you for posting that...
Of course the contrary thought is that folks saying this positively isn't a top is a sure indication that it is.
We will have to see how this one plays out - and here are some thoughts of my own:
We have reached the 16,000 level on the DOW 30 Industrials which is where I believe we will encounter some serious resistance and then break down.
I may be totally wrong, but the high selling pressures can also be an affirmation of emotion in the markets. I think folks are wary about how much higher the markets can go and, as one message said on this thread, capital preservation is extremely important - especially to those burned in previous BKs.
Where in previous posts I mentioned that P&F forecasts for DOW 30 INDU were around 20,000, now, except for one weekly, the ATR, they all have pulled back to the current range we are in and one weekly, the TRADITIONAL, has gone bearish and shows a forecast sell-off into the 14,000 range.
So let's not dismiss too quickly the idea that we may be topping and in fact a BK is in store for us. And remember this is all based on technical data - ignoring some of the recent reports of the impact all this bad weather has had on the consumer who makes up 2/3rds of the economy.
We will, as always, just have to wait and see. |
