Over on his site, Stewie has a great 5 year chart of the Dow Jones up. As he illustrates, we're right on the cusp of breaking convincingly through a major long-term trendline. Stochastics and various other signals are pointing to oversold so we should see some sort of a bounce here. But, still, scary stuff. I'll let the chart do the rest of the talking:
Then, combine that with the fact that we are seeing the largest net short position in the s&p in some time. This chart, courtesy of Bespoke Investment Group, illustrates that:
Fun times in the markets!
Thursday, June 26, 2008
Dow Jones Lingering Around 5 Year Trend Line
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