Technical Bearish News for the Stock Market
Posted on | August 28, 2009 | No Comments
All week I have referred to what I see as bearish signs or items in blogs I see. I started the bearish news last week with a post on some Macroeconomics. I followed up with a post that spoke briefly that the bank stocks seem overvalued since they were largely insolvent before some accounting changes. Yesterday I posted about increased speculative activity in the stock market, another bearish sign.
Another bearish article has appeared in Zignal. It discusses that the noted Elliot Wave Theorist has turned bearish after having been quite bullish from March lows. Does this mean the stock market is crashing again. Of course not. I am intrigued by Technical Analysis particularly Elliot Wave based notions seem to have predicted some big drops and rises. I have not studied any of it, nor seen any studies that support their ideas. In any case I would not use their ideas unless I have some fundamental support for the expectpturn or, in this case, down turn in the market. I am just saying that despite all the hype from the financial press, this market rally may not sustain its upward trend. It is a good idea to look at ways of hedging your long term investments.
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