From the cheap seats:
Am I the only one who thinks the market is just being propped up so that large players can get out?
$TRAN led the caravan south this month losing more than 10% of its value. Say what you will about $COMPQ and $NDX, but the transports are the most reliable market messenger. When freight stops being shipped, it doesn’t matter how wonderful the $NDX is doing.
Right now the transports are locked in a falling price channel and with a series of lower lows and lower highs it appears that they’re going to blow out of the bottom of it next week. Down today on about 20% heavier volume. ‘Course, what do I know?
Chart courtesy of StockCharts.com
I just think MACD is anachronistic, that’s all.
There’s a lot of stuff I want to get to but I’ll be busy this weekend. Hopefully I can get a post up before the weekend is over.