I searched through the latest issue of Barron's, and although there was a raft of writing about the fundamentals and stocks and financial news, there was literally nothing written about the technical action of the market.
If you are one of my subscribers, you know that we have just seen a non-confirmation, in which the D-J Transportation Average rose to above its September high -- unconfirmed, so far, by the D-J Industrial Average.
Over the last two weeks there have been six distribution days on the NYSE Composite, five distribution days for the NASDAQ, and four distribution days for he S&P 500 (that's just too many distribution days coming within a two-week period, and it implies institutional selling.) (A distribution day occurs when the market is down on higher volume than that which occurred on the preceding day.) On top of everything else, the VIX closed Friday at a five-month high of 22.72. ... Log in or subscribe to continue reading.
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