Technical Review

Standing on a One-Legged Stool

Flamingo’s can stand on one leg for a long time but the stock market can only manage that feat until there is a reason to sell. An absence of selling pressure and a positive fundamental narrative can stretch the market’s ability to stand on one leg. However, there are an increasing number of technical indicators that are warning of a decline in the stock market that could be substantial if a good reason to sell materializes. Importantly, one must understand that the majority on institutional money managers and retail investors pay virtually no attention to technical indicators....

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