Over the past five trading days, I’ve seen the markets trade within a fairly tight range, not wanting to divulge whether they will be going up or going down. Yesterday there was initial hope as the markets gapped up on the open, but alas, they could not penetrate resistance. I watched, sick and coughing, the S&P 500 fail to breach 1368. The markets tumbled after a bearish report released by the Philadelphia Fed.
Anyways, I am beginning to feel more that we are on the precipice of a bear market. I agree with Tim and the Financial Ninja: we are likely to see “serious tankage” if/when the markets break out of their wedge formations.
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