A few weeks ago, I noted the long – very long! – period of congestion would almost have to be broken with a major move. I didn’t know the direction, but was confident of the ferocity.
Sure enough, we dropped with a bang, and despite a few rallies, Friday’s action told me the market isn’t strengthening any time soon.
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There is a distinct camp of economists who say the economy is doing just fine. If so, why is Wal-Mart (NYSE:WMT) having a downright awful year?
Maybe oil has bottomed!! Or not. Still looks weak to me.
Back next week to see if we revisit the lows…or if the Chartman is completely wrong!