Published 06.10.21 05:15 ET –
Wash, rinse, repeat? Nah. Yesterday’s market action while positive across the board was nothing more than the proverbial dead Biden Build Back Better Bill Bounce.
The sell off into the close was my reader’s hint that in fact this was not a counter trend rally but an oversold bounce and the distribution into every rally has continued unabated. The selling started again overnight blaming the Chinese property debacles, but for some strange reason that doesn’t explain why stocks like Apple and US Steel are looking ripe for another big decline.
The pre-market indicators are ugly:
Keep one’s head on a swivel as the odds are mounting that a massive move below the 200 DMA, aka, a crash, are improving on a daily basis. Especially with the insane group of political leaders running Washington, D.C. at this time.