The market grunted on Thursday. Was it just a healthy pullback, or the beginning of something more sinister? A couple of the sectors that had the biggest breakouts on the heels of Tuesday’s Fed action reversed their breakouts to fall back below the top line of the base patterns. Unless they recover immediately that’s a bad sign. On the other hand, several groups continued to look very strong, especially energy, natural resources, and precious metals.
I’m feeling a certain sense of déjà vu from 1973: Market dominated by institutional trading, monetary chaos, dollar collapsing, energy and precious metals ramping, an unpopular war, an administration under fire, and the Canadian dollar at parity with the US dollar. Really weird.
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