I tend to agree with MIRU, although given my track record, it's probably a buy signal. :>)
There may be, and others can interpret it with their critical eye, the right shoulder of a H&S setting up on the S&P. The market has absorbed an amazing amount of bad news and may still rally, but I think there are too many events - the SNB throwing in the towel, Greece elections, EU QE, worldwide currency debasing, global yields going negative - that will have effects we still do not understand. And obviously if the Fed continues to talk about hiking, the dollar rally will continue.
If that premise is correct and the general market starts a correction, will not oil and gas stocks get sold, and perhaps hard? |
