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Breadth Thrust or Systemic Shock – WSE Pro

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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Lee Adler

I’ve been publishing The Wall Street Examiner and its predecessor since October 2000. I also publish, and was lead analyst for Sure Money Investor. I developed David Stockman's Contra Corner for Mr. Stockman. I’ve had a wide variety of finance related jobs since 1972, including a stint on Wall Street in both analytical and sales capacities. Prior to starting the Wall Street Examiner I worked as a commercial real estate appraiser in Florida for 15 years. I also worked in the residential mortgage and real estate businesses in parts of the 1970s and 80s. I have been charting stocks and markets and doing analytical work since I was a teenager. My perspective is not of the Ivory Tower. It is from having my boots on the ground and in the trenches of the industries that I analyze and write about today. 

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