The View; Monday’s Sell Off Was Just An Illusion
- Posted by Frank Zorrilla
- on February 28th, 2013
There is not much to say besides the fact that the DOW JONES $DIA erased all the losses from the world ending sell off on Monday, the $SPY retraced about 90% of it, but the $COMPQ and $IWM are lagging in this department. Like I have been saying, tops are a process not a one day event, normally you see a decent sell off proceeded by a rally that many times makes a new high followed by months of churning action. This all leads to; be methodical when it comes to selling in a bull market and be quick to jump on a rally coming off a bear market. Where do we go from here? I believe that the market will start to react more to technical levels from this point on and chances are high that we will start to see more and more divergences on any rallies from here on out. That is what I believe now and that is always subject to change without notice.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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