aaronbasile.wordpress.com/2010/11/09/key-reversal/
My outlook recently has been that the market is massively overextended, and today’s trading provides overwhelming proof.
Key Reversals include: SLV, GLD, AAPL, GOOG, SPY, QQQQ, BAC
In other words, the reversals today included the largest bank in America, gold, silver, the best company in America, the Nasdaq 100, the S&P 500 proxy, and the best dotcom company of all time. That means you should be running from equities right now.
I want to continue on about SLV since it is without question the story of the day in my opinion.
The charts speak for themselves here. Volume for today was almost 10 times the average daily figures and it happened on a day where we had a key reversal as well.
It’s more than safe to say that we’ve hit a top. Repeat after me: “I’m bearish”.
One more thing, the S&P 500 has formed a “short day” formation over the last few trading sessions and has failed to break the 1226 level again after touching it last friday. I speculated that it would hold, and it appears that it will for sometime.
