Treachery — in Washington? — in the market?

Posted on Jul 22, 2011 by in Letters

We have remarked on the unreliability -- treachery if you will, or false signals -- that are inherent in mule --or sideways-- markets.  This may be seen at e above where the new high was quickly turned back on what should have been an acceleration.  That line, from March 09 is crucially important.  While broken the market can nullify the break by powering upward, which it appears from the past few weeks it was attempting to do.  The line from March 09 is now a resistance point.

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