Topped Out
June 17th, 2009 | 
My gut is suggesting that we have ran out of gas. The last time I posted the bounce was off by a few days, and what a bounce that was!
A few more days like the past few and will see some downside. It was getting to the point where crap was floating to the top. One example that comes to mind, KERX from the lows of 9 cents to a high of 1.58 in 15 weeks. Anyone holding it hopefully took profits if they held it on the way down and back up from .50
On Monday when I saw the official close of the Dow I had to chuckle -187 (murder) because it looks like a cliff pattern.
http://stockcharts.com/h-sc/ui?s=$INDU&p=D&yr=0&mn=6&dy=0&id=p05960451413
Keeping an eye on FAZ
http://stockcharts.com/h-sc/ui?s=faz&p=D&yr=0&mn=6&dy=0&id=p05960451413carrier to noise ratio
as the Dow appears to be rolling over FAZ seems to be ready for something. I’m not a fan of these financial instruments but it looks attractive.
These are some crazy times we are living.
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