Bur first before the charts, lets look at the Fed decision. The Fed basically said by not raising the rates the market is weak with a weak global economy and we dont think the market can take raised rates. Maybe even through 2016, we dont know.
A statement like that is pretty messed up coming from the Fed. Originally I thought that the market would roar upward with an announcement like that, and initially it did. But then traders were like, wait a minute when they took time to read into it and digest Yellens press conference. Maybe the Market is shaky at best. Yes, the Global Economy is weak. And it looks like we might have some pretty rough times in 2016.
Then with all the above going through traders heads, the market started to crash downward. At the end of the day I saw this on the charts:
Wow. A double reverse cross, one day after another. This protends to be a very big problem. As a matter of fact I will go out there and say that we might even test a double bottom along the lines of that first crash/dip 3 weeks ago before things resume upward.
Stay Frosty tomorrow people. This might very well get rough.
Tradinginsider
.png "English"){kind=small}
0 comments:
Post a Comment