As of this writing 6:53am EST we are seeing a boost in US equity futures and possible short term bottoms in Europe. Unfortunately, they are coming off EXTREMELY oversold markets. While any market bottom could lead to a new uptrend it is highly unlikely with the LACK OF setups in this market. Perhaps we can stabilize but we are seeing absolutely destruction among market leaders.
Here we go.
The distribution we have encountered from the Osama Bin Laden Death is unprecedented. Institutions have been dumping shares of stock, not too mention insider selling is so high the levels have never been witnessed. Cash is king here, the market is now negative on the year and making any headway has been difficult.