After 5+ years of an amazing bull market, with stocks soaring to record highs, this weeks action, from a technical perspective, could be marking the top. As 2014 progressed we've seen many bears, after miraculously navigating the biggest bull market of our lifetime, throwing in the towel. That in itself should raise the eye brows of market participants.
Stock futures are sharply lower on the last trading day of the week. Yesterdays nasty snap back reversal continued the schizophrenic theme of the market as it works down from record high prices.
Let's see if the market can muster some support as earnings kick off in earnest next week.
Here is what I am reading today:
Yesterday was a great day for the bulls. Markets rallied, the dollar fell, all was good. But those resident bears, the same one's who told you at the start of last year to sell, who said this market wouldn't move higher, they remain adamant about downside. It's coming. Here is the top. Sell stocks! Why I sold stocks here.
Stocks soared to their best gain of 2014 yesterday. The market looked weak early on, but the FED minutes helped spur a massive rally. We've seen this type of action all too often since the lows in March of 2009. You can hate this market all you want, but the money continues to be made trading for upside. Until that ends, and it will at some point, there is no sense fighting every central bank in the world... unless you have an unlimited bank account.
