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Friday, April 05, 2013

Mailbag: Bear Trader Writes re the Market

S&P Mar 1 to Mar 15 rose on declining volume. Mar 18 - present declining days have been on higher volume. Breadth has bin decreasing, NYSE McClellan summation index has been dropping since Feb 1, dramatically for the last three or four days. This works similarly to the Weekly A-D Line but (I think) better. NASDAQ McClellan is doing worse than NYSE. Notice the relatively strong Consumer Staples and Utilities sectors. These are traditional defensive stocks. Some movement into Federal bonds also. I think that the idea that the market is overbought is spreading. Looks like the $USD may be topping. $USD is the short term controller of Global investing. Not only Energy but Industrial and Materials sectors are quite weak. This is a sign that the "actual" economy - as opposed to the "financial" economy - is not improving. This is caused by the Federal Reserve and by US Govt. deficit (and excessive) spending. These operations are suffocating the actual economy. (This is why there are no $17 per hour jobs.) At the same time a class of very rich has been created; currently 5% of the people in the USA own 92% of the assets. When you get pissed off remember that those at fault are not the Koch Brothers but the US Government.

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