Hello MarketClub members everywhere. I am sticking out my neck today and calling today's overnight rally a "dead cat bounce." This type of rally is not a reversal, it is more of a correction for a very oversold condition in the equity markets.
If we have any cat lovers out there my apologies go to you, but I have to admit I do love the expression "dead cat bounce." I'm not sure where the expression came from, but it seems to fit the markets perfectly.
Indices & Stocks: Make no mistake about it, the dramatic Brexit slide in the markets worldwide has had a profound effect both technically and psychologically on the markets. The major indices and many stocks appear to have put in tops that are capable of moving to some of the Fibonacci levels I outlined in yesterday's video. [Read more...]