A while back before the market started to drop, you can see we gave a few dire warnings!
The first one was ........
THURSDAY, 25TH JULY 2013
QUOTE : "There are big warning signs for the market, and as you saw last time, just the hint of the word taper, and the market unraveled a bit. So I think as your read this, where the market is right now, and watching more good news, could be a real WARNING SHOT ACROSS THE BOW so to speak."
The Second BIG warning sign was.......
MONDAY, 5th AUGUST 2013
QUOTE : "With all this positive news, and crowd starting to get to a point that could be termed as : OVERLY BULLISH, this is a big warning sign for me, and not many people out there are picking up on this! I am hardly seeing any negative news these days, and that is a warning sign the market could be about to take a break from the relentless buying we have seen in the last several weeks.
I mean even though we are in a BULL MARKET, I have never seen a bull market go up in a straight line. So the next few weeks are going to be interesting. But the chart below is a good lesson for any traders out there, that tend to find they are getting either too bullish or too bearish at any one point during the year. It is a good example, because this market can turn on a dime so to speak and the market can endure healthy sell offs even in a BULL MARKET."
I mean even though we are in a BULL MARKET, I have never seen a bull market go up in a straight line. So the next few weeks are going to be interesting. But the chart below is a good lesson for any traders out there, that tend to find they are getting either too bullish or too bearish at any one point during the year. It is a good example, because this market can turn on a dime so to speak and the market can endure healthy sell offs even in a BULL MARKET."
We spotted many warning signs, however back then the S&P daily chart looked like this.........
This is what the market looks like today!........OUCH!
DOW JONES CHART
As you can see a lot of damage / selling off has been done to the markets since these 2 posts and it does not seem to be over yet! It seems we were correct in giving some warning signs.
A few of our readers mentioned this, and I thought I would post this here so you can keep track of things, and hopefully return and look out for more of our warning posts.
The FED tapering news is not only in the pipelines, but only a week or so away now. I know many traders are watching this news, and so are we, however the charts right now are telling us much more than any of this articulated BS news at the moment.
We will keep you posted, until then......
HAPPY TRADING!
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