John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (15777)	4/9/2014 10:05:45 AM
From: John Pitera	4 Recommendations Recommended By George Statham ggersh Hawkmoon roguedolphin of 33421

the SPX has had 6 separate outside days in the past couple of weeks ....very rare action....the daily chart almost has aspects of an Edwards and Magee Broadening top ( also sometimes called a Megaphone pattern).....a bearish phenomenon. as I have said the outside days are not kosher..... 6 outside days in the past couple of weeks..... very very unusual and skittish action, plus some of our proprietary daily and 60 minute work is showing that we have generated a sell. I have been told I am not currently allowed to post a couple of trading system signals that we have found work the best...... due to the concern of my client feeling that he does not want them being made public.... although I was posting them last spring..... The SPX is working to hold that 50 dma but it's anemic rally suggests that we are going to take that out this week to the downside... The Nasd which is leading has already taken out it's 50 day MA and we have seen the unwinding of the darling MOmentum stocks such as FB, twitter, Intuitive surgical, GOOG.and several others showing pronounced selling. 2 days ago we were running a scan of the the PIGS equity markets and the biggest market rallies the past 6 weeks were in Spain, Italy, Ireland and several other global equity markets that are PIGS for a reason. I find it analogous to the way that yield spreads for junk bonds always come in and tighten significantly to the AAA bonds and higher grade bonds when we are at the most bullish phase of the market cycle. oh yes and Spanish 10 year govt notes are at 3.19% only 49 basis points above US 10 year yields...... the Spanish rates have improved 151 basis points this past year ( rates have fallen in Spain) they are higher on US side. Portugal, Greece and Ireland have seen hugh decreases in yield the past 12 months as well. bloomberg.com John

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