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  • Market Action Extremely Bearish: Here Is Why 0 comments
    Jul 24, 2013 1:33 PM | about stocks: AVGO

    Stocks are still hovering near their all time highs. In fact, the S&P 500 is less than 1% away from their all time highs. While this may be the case, the bearish action in the market cannot be denied. The last two trading days, the markets have opened at a new all time high. Each day, the market has sold off sharply and closed on the negative side. This price action screams of institutional selling and distribution. The market is rolling over each day on extremely light volume which is unusual.

    Another reason for this gap and crap type market action is the looming Federal Reserve policy statement next week. A growing concern of a pull back announcement in QE is causing some of this institution selling. Many top Wall Street players believe the Federal Reserve will announce that they will stop printing $85 billion per month, instead lowering it to $65 billion. The fear of this reduction seems to be causing profit taking.

    Lastly, the markets are trading at all time highs with earnings that are not exactly stellar. Just today, stocks like Broadcom Corporation (NASDAQ:BRCM), iRobot Corporation (NASDAQ:IRBT), Panera Bread Co (NASDAQ:PNRA) are down sharply on earnings. Earnings all season have been anything but stellar, definitely not justifying the stock market levels seen lately.

    This market is choreographing a pull back. Be warned. Read the charts, it says it everywhere.

    Gareth Soloway

    Stocks: AVGO
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