Friday, June 21, 2013

Dead Cats Don't Bounce... Much; Stocks End Worst Week Since Obama Re-election

Hey, we're screwed.

Anybody buying stocks today must have had money to burn because the direction is definitely to the downside for the foreseeable future.

Interest rates kept creeping higher and stocks met what used to be support, now known as resistance. The S&P couldn't get past 1600 and the Dow failed repeatedly at 14,850, the previous intra-day low.

Stocks had their worst week since November 5-9, 2012, the week inclusive of the re-election for Bachus Obummer. It's not a coincidence. Thank you , thank you , thank you, Mr. Bernanke. Volume was even heavier than yesterday, likely the highest of the year. Love volatility or go home.

Watch closely the new highs vs. new lows, which have shifted to heavy overweight in new lows. This is not a drill. A bear market forecast could appear any time, since the Bull is already well past four years old.

In keeping with the spirit of hating stocks and loving arable land, tools, machinery, goldfish ponds and pre-1965 silver coins, here's Billy Preston, circa 1974 (ugh, a bad year, but check out the hair)...

Dow 14,799.40, +41.08 (0.28%)
NASDAQ 3,357.25, -7.39 (0.22%)
S&P 500 1,592.43, +4.24 (0.27%)
NYSE Composite 9,018.57, +22.60 (0.25%)
NASDAQ Volume 2,685,610,750
NYSE Volume 6,174,438,000
Combined NYSE & NASDAQ Advance - Decline: 3467-3076
Combined NYSE & NASDAQ New highs - New lows: 80-343
WTI crude oil: 93.69, -1.45
Gold: 1,292.00, +5.80
Silver: 19.96, +0.136

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