Monday, April 20, 2009

Down, Down, Down

IT ISN'T JUST the Miss USA Pageant that suffered a major downturn in interest today (see below). Stock markets failed on brisk volume as financials (XLF down -11%) and techs (XLK down -3%) sunk the DOW and NASDAQ. It was obvious last week when new highs were made on soft volume that this rally was petering out. We'll see what happens over the next few days.

But for my money, the rally is over. Defensive mode is back and most likely for many months to come.



gcotharn said...

You know, when you confidently opine regarding an area of competence, regarding an area in which you have done homework and due diligence: it's sexy. Competence. Confidence. Love it!

Webutante said...

Well, golly gee, I didn't know my obsession with stock charts had such appeal. Merci.

And I want to say, kindly, that no matter how well-informed I may think I am on rare moments, I could very well be very, very wrong. The stock market(and fly fishing) makes humble men and women of us all. Because those who play these games know ultimately that no one can controls the ultimate outcomes.