Friday Outlook: Another Rally Turns South

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 |  Includes: AAPL, AMZN, BBRY, FAS, FAZ, FXE, GOOG, IEF, IWM, IYR, IYT, MDY, QQQ, SIJ, SKF, SPY, SRS, TBT, TLT, UDN, UUP, UYG, XLB, XLF, XLI, XLV
by: David Fry

February 26, 2009
harpotypes

Another bullish start turns south. Bulls just can’t sell their “stocks are cheap” canard to investors who aren’t interested. This can be especially true when the news media puts out misleading data on price/earnings ratios as we pointed out yesterday and the day before. Further, as I mentioned, according to the current Investor’s Business Daily article stocks are hardly cheap and this bear market may continue for some time. The typical length of these markets runs roughly 30 months according to dshort.com and we’re only 16 months into this one by their estimates.

click to enlarge
Click to enlarge

Volume was heavy today, especially in tech, and breadth was negative.































































































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