Broadening Top Pattern Means The Days Of Financial Safety In Select Stock Groups Are Numbered
Thursday, 13. December 2007, 05:00:59
Bespoke Investment Group in their article Financials Struggle published a list of 20 worst and 20 best performing stocks in the S&P 500 since the market close prior to the Fed Day on last Tuesday.
In other words, they published a list of those companies that have fallen the most, and also risen the most since the Elliott 3 Wave Down has commenced.
The 20 worst list contains 15 Financial stocks, led by WM (down 19%), MTG (-19%), SLM (-18.5%) and CFC (-15.75%).
The list of best performers is led by AT&T (T), JNPR, HES, X and CSCO. Not one Financial or Consumer Discretionary stock is represented.
Their article 'Financial Struggle' documents that a 'credit crisis' exists; and that while shrew investors have found refuge in Telecom, Technology, Industrials, Consumer Staple, Fast Foods, and Health Care and Energy, their investment days are numbered.
The daily overall stock market, VTI, just today manifested a huge lollipop hanging man candlestick, communicating that a market reversal downward is at hand.
The weekly overall stock market, VTI, is manifesting a broadening top pattern; and this week's candlestick is bearish harami.
VTI's weekly broadening top pattern is the chart pattern that was exemplified in the markets immediately prior to the 1929 to 1932 crash.
Robert McHugh, in a Safehaven.com article, described this pattern as the Jaws Of Death.
Street Authority says Street Authority says: "When you see a broadening top, the market will eventually drop"
A downturn is imminent; there is no safety to be found in any stocks.
I recommend that one buy gold, traded by the ETF, GLD, and use "margin credit on it" to go short these ETFs: SLX, PZD, MOO, EEM, IYM, XME, EWZ, DEM, IWM; those who have risk capital should add a short of INP.
It's wise to 'dollar cost average' in shorts; and to keep them small in amount in comparison to the gold ETF; one is going to receive awesome reward from that long gold; short the ETFs is just "a little sweetner".
In other words, they published a list of those companies that have fallen the most, and also risen the most since the Elliott 3 Wave Down has commenced.
The 20 worst list contains 15 Financial stocks, led by WM (down 19%), MTG (-19%), SLM (-18.5%) and CFC (-15.75%).
The list of best performers is led by AT&T (T), JNPR, HES, X and CSCO. Not one Financial or Consumer Discretionary stock is represented.
Their article 'Financial Struggle' documents that a 'credit crisis' exists; and that while shrew investors have found refuge in Telecom, Technology, Industrials, Consumer Staple, Fast Foods, and Health Care and Energy, their investment days are numbered.
The daily overall stock market, VTI, just today manifested a huge lollipop hanging man candlestick, communicating that a market reversal downward is at hand.
The weekly overall stock market, VTI, is manifesting a broadening top pattern; and this week's candlestick is bearish harami.
VTI's weekly broadening top pattern is the chart pattern that was exemplified in the markets immediately prior to the 1929 to 1932 crash.
Robert McHugh, in a Safehaven.com article, described this pattern as the Jaws Of Death.
Street Authority says Street Authority says: "When you see a broadening top, the market will eventually drop"
A downturn is imminent; there is no safety to be found in any stocks.
I recommend that one buy gold, traded by the ETF, GLD, and use "margin credit on it" to go short these ETFs: SLX, PZD, MOO, EEM, IYM, XME, EWZ, DEM, IWM; those who have risk capital should add a short of INP.
It's wise to 'dollar cost average' in shorts; and to keep them small in amount in comparison to the gold ETF; one is going to receive awesome reward from that long gold; short the ETFs is just "a little sweetner".
WIDGETIZE