Today the market has fallen 27 pts (so far) on the SP500, it looks like a machine off day!
Here are some charts from our private RTT Plus blog over the past two months.
The Golden Ratio is very good in picking price judder bars when a market is in new ground and has no resistance.
Maybe the realisation TRUMP plans may take a little longer than expected, we may see a similar price action to Reagan first year. Or maybe its just the ECB talking of higher rates with all the banking issues they have, and how the many legs of the octopus may reach the US banks derivative books. (Note: Banks are selling off hard, just after a period of large insider selling by bank bosses)
Or course we all have seen topping patterns before, wide range up into new ground to bring in the uniformed, wide range down as the informed distribute to the uniformed.
"The Tape Reader's profits should develop naturally. He should buy or sell because it is the thing to do - not because he wants to make a profit or fears to make a loss." ~ Richard D. Wyckoff
"If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks." ~ John (Jack) Bogle
"Until an hour before the Devil fell, God thought him beautiful in Heaven." ~ Arthur Miller, "The Crucible" [Contrarian Investing]
"October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." ~ Mark Twain
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros