Schizophrenic Market; Short Term Top?

September 5, 2007 at 1:14 pm  ·  Category: Market Commentary, Sentiment Analysis

The market is bouncing around a lot, up big one day, down big the next, on not a lot of news.

For example, last week it was down big on Tuesday, up big on Wednesday.  It was up big yesterday (Tuesday) and down big today (Wednesday).  And that’s on very little news which suggests the market is mainly trading on emotion right now.

One interesting “tell” is that the market sold off in the last half hour of the last two big up days on Friday and yesterday (Tuesday).

It’s starting to feel like a short term top to me.

I think going forward market action will depend on the headlines which will start to be more important in the coming days and weeks.

Posted by Greg Feirman  ·  Trackback URL  ·  Link
 

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