Stocks Decline, Dollar Sinks, Gold and Oil Soar
Stocks declined on Thursday, not surprisingly after
the large two-day run-up. Today’s
Market Bias page showed a number of bearish signals,
including multiple CVR sell signals. As mentioned earlier, with
the market trading back above the 200-day MA, these signals tend
to suggest the time to lock ion gains may have arrived. That
turned out to be the case once again today.
The
Stock Indicators page further reinforced the view that the
market was overbought, with very few stocks appearing on
the bullish lists, while the bearish lists are full of potential
candidates.
In earnings news. Goldman Sachs and Bear Stearns reported today, along
with AG Edwards (see below).
The U.S. dollar sunk to a new low versus the euro, gold hot a
27-year high, and crude oil closed above $83, another record high.
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Market Snapshot
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