It's been setting up for the past few weeks. Most of the advances have be on very tepid volume. Sell pressure has been higher on the down days. Had a shooting star on the majority of US markets on Monday.
This is the beginning of a major downtrend "In my opinion".
Like I previously said.....looking for S&P around 1490 by late June.
I've been playing it that way for the past few weeks - at least setting myself up for that scenario.
And now we have minutes from the FED turning off the spigot. They are throttling the market and they know that people will be burned bad if they let the money keep flowing. They have to pull back some to keep it reasonable. The market is not rational at the moment.
Greenspan's "youthful exuberance" comment comes to mind. They need an exit stragety...maybe a few years ago when the FED changed the way they would convey news - it had all this in mind. Greenspan would not speak that much and when he did it was "Greenspeak", now with Ben - he's being very transparent. Hmmmm.....
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