The stock market fell sharply today. Stocks are nervous as they continue digesting the Fed's interest rate hike and what it will mean for earnings looking downstream.
The weak oil price is also spooking the market. And the quadruple "witching" didn't help either. That is, the expiration of options and futures contracts, as well as individual stock futures options added to an already volatile market.
In the end, important technical damage was done, which makes Richard's Wisdom most appropriate today.
Following is more of Richard's Wisdom. As you'll see it clearly applies to today's market action.
Richard's thoughts on the Primary Trend
by the Dow Theory Team
"BULL MARKETS DON'T END ON NEWS ... THEY END IN EXHAUSTION"
Question to Richard: How do bull markets actually end? You keep talking about non-confirmations and so forth, but what can we really look for?
Richard Answered: Maybe I can answer that question best with a story I was told 30 ... Log in or subscribe to continue reading.