'Don't Fight the Fed,' Indeed
After Monday, many folks had already been calling for a market top, and for good reason. It had been the fourth distribution day out of the last six sessions, with elevated volume during each. A few solid support zones fell like a hot knife through butter as a confluence of events spooked traders -- Italian elections, a downgrade of England's debt and a weaker China flash purchasing managers index. (The latter may have been caused by the shutdown of the country around the Chinese New Year, so that could be considered seasonal.)
In any event, none of these outcomes were inspiring the buyers. With the markets up 6.5% or so for the year, why not do some selling?...313 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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