Well, here we go again. On a gray Thursday morning, the market is tanking as I write. The trading screen is a sea of red as risk appetite recedes.
Earlier this week, Macro Trader subscribers received the following commentary: The charts tell all. If sentiment fully shifts, it will show up in the charts and newly established downtrends will take hold. Bulls need to take a stand very quickly or they will cede control to the bears. A test of conviction is thus coming up as a market inflection point develops. Is the current juncture a buying opportunity, and thus a place to cover shorts and add to longs? Or is it merely a pause before the downtrend continues in earnest? Could it be a “buffalo” market, in which the charts turn but fail at new highs again?
- Published: 04 February 2010
