To quote Hannibal from the A-Team
In “Is The Stock Market Rally 2009 Over?”, I made the rather bold prediction that the current rally is over. I based this opinion on the fact that the long term MACD (monthly chart) had rolled over, and was very close to showing a sell signal. Combined with the fact that there were absolutely no fundamental reason why the market should have rallied, and the “over bullishness” displayed by CNBC and others, I felt comfortable making my opinion known.
Nothing lends credibility to a technical trader quite as well as two things. First, having well known and respected traders who trade for a living agreeing with your technical outlook.
Subsequently, I have referenced two well known investors who agree with me, ,Tim Knight and Peter Schiff.
As I said, I love it when a plan comes together. This weekend, while I was out of town, several important things happened. First, the MACD on the monthly chart of the S&P 500 has rolled over and flashed a sell signal, and second, the NASDAQ is now flashing a sell signal on the weekly Marketclub Trade Triangles. Adam Hewison from marketclub produced not 1, but two videos supporting my prediction of the markets direction.
Of course, having the markets do exactly what I predicted they would do is fantastic. I think it would be beneficial to take a look at the articles and videos I linked to above, as they will help you to invest more wisely over the coming months!
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