The common theme to the market analysis was today's housing and durable goods news implies the Fed may hike rates. I think the markets were simply looking for a reason to sell and found it today.
Thursday, May 24, 2007
Was Today's Market Action A Reversal Day?
A reversal day occurs when, well, the trend reverses. Key signs are a break of a trend line and high volume. We have both today. The SPYs and the QQQQs broke through their upward trend line on high volume.
The common theme to the market analysis was today's housing and durable goods news implies the Fed may hike rates. I think the markets were simply looking for a reason to sell and found it today.
The common theme to the market analysis was today's housing and durable goods news implies the Fed may hike rates. I think the markets were simply looking for a reason to sell and found it today.
