Prepare for Landing

Check your parachutes. We had the long climb from mid-December until about two weeks ago, and then a leveling off in the markets. The last few sessions have produced quite rapid up-and-down moves, suggesting that the engines of flight may be faltering. Prior to that, they had been purring along very nicely, with a steady and uneventful rise. So far, we do not have a dive, and maybe the engines will rev up again, but right now there are a lot of signs of a stall developing.

Look at the first chart below and note that all the indicators I have inserted are at levels that typify tops and greatly resemble what we were seeing last July. The second chart shows us that the 10-day and 21-day moving averages of the Arms Index are at very overbought levels. Again, it looks a lot like last summer....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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