Thursday, August 20, 2015

8/20/15 bad day for bulls

The deflationary trade is alive and well

I would hate to be an SPX chartist.  They all said there was support at 2052 then they said there was support at 2044.  I have no idea where they think the next support is.  It looks like a lot of open air below on a long term chart.

Ah.  French fries comfort food.  Those very adult and stable buyers of dividends are not in panic mode.  Yet.  Yes DVY went down 1.15% but the 500 went down 2.11%.  Support at 74.  That is 2.6% lower.  2.6% lower on the 500 is another 53 points.  A 10% correction from the most recent high takes it down to 1915.  Are you ready to throw up yet?

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