The headline your awesome author decided to use today is only reflective of those who look under the hood of today’s market. No, I’m not bragging nor am I making specific recommendations. But if anyone wants to understand the reality of just how bad today’s market really is, here is a not so random definition for you from Investopedia:
In technical analysis, the bearish engulfing pattern is a chart pattern that can signal a reversal in an upward price trend. Comprising two consecutive candles, the pattern features a smaller bullish candle followed by a larger bearish candle that engulfs the first. This formation is considered a strong indicator that the prior upward momentum is waning and a reversal is on the horizon.
So did those of us watching the economy slowly implode get that technical pattern that should have the bulls at the bar drinking doubles until closing time?
Yup:
Yeah, that pretty much fills the description to a proverbial ‘T’. The rally above the 50 day moving average was on pathetic volume and breadth, no real massive swing of stocks to new highs and a failure to regain the July highs.
So celebrate tonight bears and reality fans. Because Jay Powell will spread his wisdom like a fertilizer truck in the raw cold fields of Nebraska before the spring corn planting.
And who the hell knows how he will screw it up this time.
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