This quick note updates yesterday's post on the short term technical situation. Today's
sharp sell-off breaks the uptrend line going back to the end of Aug., 2010. As I noted
yesterday, a break of the short term trend (based on daily closing prices) would signal
that traders need to take the market's short term overbought condition more seriously.
Scroll down to yesterday's post and click on "Chart" for an update.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!