Assessing the Damage

Do not underestimate the damage done to markets in the last week. The uptrend since November has been decisively broken, and the current low is just about where we were in the December retreat. 

I had been pointing out the very overbought conditions, for both the short term and longer term, so this drop is much as expected, so far. But the fact that we have broken the uptrend warns us that we may be seeing a major shift in sentiment. So for the longer term, beware. This may be just the start of a longer-term slide....322 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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