More Room to Fall

Again the markets appear to have refused the Black Friday high. The news-generated rally last Friday was sharp but quickly ran into resistance. It is important to note that the decline of the last three days has retraced most of that advance, yet the markets are not getting at all oversold. 

Look particularly at the 21-day moving average of the Arms Index on the second chart below. It is in a region usually associated with market tops. Even the very sensitive five-day AI is somewhat overbought in spite of the drop this week....352 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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