Friday, August 05, 2011

Technical Picture - H&S Top Bears Fruit


Today's price/volume action was due to forced selling from margin calls. All sectors were hit, commodities and precious metals led the way down. Concerns about the global economy - contagion fears in Europe spread to Italy and Japan's central bank opted to to expand its asset purchase plan. As deleveraging takes place, highly-liquid equity markets become the victim, as they offer the most convenient place to raise cash.

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