Funny, when Keith and I took a walk to town the other day, we saw this bronze sculpture.
Chained, so nobody can walk away with a 400 pound bronze bull, we thought it potentially symbolic.
Today in the market, someone tied a link chain around the bull’s neck and then padlocked it.
It all began with the Dow reaching 26,000.
Whereas I suspected a gremlin on the wing of the plane at 25,000 might appear, he hid in plain sight until 26,000.
Poetic justice on the plane analogy, I have written over and over that you all should keep eyes on Transportation (IYT), the Tran sibling of the Modern Family.
At 10:07 AM EST, I tweeted, “Keep eyes on $IYT-got to 206 and a bit beyond, just like when $SMH went to 106 and a bit beyond-$IYT now red-wouldn’t be surprised to see more profit taking-with $200 now the first point to hold-then reevaluate.”
By 3:00 PM, Tran (IYT) traded down to $201.63. The indices followed.
The question on everyone’s mind, “Was today the top?”
I traditionally use 5 different chart indicators to find tops.
NOTE-IWM did close in the bottom 25% of the intraday low-caution
Since the most likely one to play out is number 4 or 5, we do have to wait another day. After all, we have seen this market roar back on fresh buying each time it has corrected.
Best place to keep eyes?
