Markets have finally broken out of sideways channel - down.

March 2nd, 2012
in Gary's blogging, market close

4:15       Last post for the day and I hope you enjoy the weekend. I resisted the temptation to buy some shorts today. It has been so long since I have a really good trade that my fingers are starting to get itchy. "Hold on pardner, them good times are acomen. Kin feel it tha wind."  "Them spooky creeking noises y'all hear ain't yur 'ol bones complaining, its the scaffolding holdin up things."

Well the "correction" wasn't going to happen today, but the signs for a market downturn are there for sure. $RUT, IWM and several small caps have  broken down out of a sideways channel and we need to see if that is going to be followed by the market leaders during the next week.

Here is my problem for market prognostication and should be yours as well. Until the anemic volume increases DaBoyz are in charge and will manipulate the markets as they want. Any trades long or short are extremely dangerous and could put your portfolio is dire straits if you guess wrong. Right now that is all you are doing - guessing.

The markets showed a burst of energy around 3:30 climbing slightly, but that damn low volume sure takes the wind out that boats sail and it is really going anywhere. And it didn't - pulled back a bit. This market smack of manipulation so bad it stinks. Used to be that DaBoyz would let us play a little bit, but now it seems they want it all.

The 500

 

The DOW

 

The Indexes.

Before signing off here is an article with tidbits to think about.

@forexcrunch: 5 Hurdles that Could Make Greece Bankrupt

"The Eurogroup seemed to have decided to approve the second Greek bailout once again. They even signed an agreement related to the Greek banks.

Nevertheless, the bailout wasn’t approved. The “final decision” was delayed to March 9th.  Nothing is final expect the upcoming Greek redemption. And time is running out. Here are 5 more things that could delay the Greek bailout, until time is out and bankruptcy is announced."

Written by Gary










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