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Cracks Within The Equity Wall.

  • Written by Syndicated Publisher 50 Comments50 Comments Comments
    September 30, 2011

    Equities have been in a pure state of denial many bears would believe. On the other hand bulls would believe bears are the ones in denial. One thing both sides can agree upon by looking at almost any chart is that equities continue to diverge from various credit products, sentiment readings, commodities, etc.

    As the saying goes “united we stand divided we fall.” In other words equity, facing a multitude of asset classes that are moving in the opposite direction can ill afford division within their ranks. But it appears division is what is happening. It appears there is now divergence within equities.

    For reference the Dow is currently 13% off the 2011 highs (SPX 15%, Nasdaq 14%).

    Dow Transports

    Does Dow theory no longer hold? Transports are down 23% off their July highs and at one point were down 27% in September.

    Sotheby’s (BID)

    Zero Hedge pointed out the ability of BID to predict market tops. It did so ahead of the 2001 and 2008 recessions. Currently BID is 45% off the April 2011 highs.

    Images: Flickr (licence attribution)

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