Comtex News Network, Inc. (CMTX)

[flemsnopes]

Chip Brian quoted on CNBC

The market appeared to be shrugging off an unexpected rise in Chinese interest rates, announced on Tuesday to quell rising inflation within the country. The move had helped trigger the market's fall yesterday.

While stocks were higher Wednesday, Chip Brian, president of SmarTrend, has watched the rate of increase in the market during the last week slow down relative to the rate that existed throughout most of September. To Brian, that slowdown is a sign of an "exhausted" market, which means it may be near a top.

That trend is particularly true, Brian said, when the slow down is accompanied by a rise in trading volume, which has occurred over the last few days.

Volume on the consolidated tape of the New York Stock Exchange, for instance, exceeded 5.5 billion shares on Tuesday, after trading at 4 billion or below since the summer.