Market update – shame on you Bloomberg
After we had the NDX far higher this morning the 13 count only showed up just before the closing and the markets were far lower – that’s the shame on you on Bloomberg – strange things going on with this machine some times (little manipulations?).
Today’s price action marks what may serve as an interim top finally ( only the SOX is still missing). This ki,nd of double high is in sink with many other fractions of the market the only delayed part is OIL as it needs to go up at least 2 more days eventually 3 before a severe correction of wave B down will materialise. VIX also confirms. Sell any strength the next days short for a test of the 1300 level going forward. The intermarket divergence with the SPX is symptomatic and the BKS is heading lower with banks coming under more pressure going forward as they have lost already 8 points or 17% from the top- XBD will follow as all estimates about brokers are insane put out recently especially about Goldman. The party for the brokers is over soon when it comes to fundamentals and 4th quarter will be a disaster but they keep cooking books and receiving presents from Geithner and Bernanke for the time being but that will be not sustainable.