The View From the Top?

It has been a long, steady uphill climb for nearly two months. But in the last two weeks, especially last week, it looked as though someone was tapping on the brakes. The market drop Friday certainly wasn't a slam on the brakes, and the skid was quickly contained. But it is interesting that a lessening of neither Greece concerns nor of better news on the labor front were able to induce a "pedal-to-the-metal" response. One has to believe that those events were anticipated.

In the meantime, overbought technical indicators (including the Arms Index), light volume, narrow trading ranges and small daily moves all suggest that we may be cresting the hill and looking down into the next valley. I don't expect to drive over a cliff, but we are nearing a steep downgrade. Make sure you have good brakes in the form of stop orders under long positions. Once the downward acceleration becomes apparent, one might take on short positions....276 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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