As we fall into October, traditionally a bogie month for stock markets, scenes of fresh civil unrest in both Greece and Spain have once again taken my television screen hostage.
Furthermore, today’s edition of a daily email from my stockbroker describes the All Ords completing a “double top”.
The Double Top Reversal is a bearish reversal pattern typically found on bar charts, line charts and candlestick charts – the pattern is made up of two consecutive peaks that are roughly equal, with a moderate trough in-between.
Put together a protracted floundering global economy with the dire straits in the Eurozone, high unemployment in the US, the next wave of credit-default swaps maturing early next year and global housing market slumps, combined with agflation, and it’s little wonder I am extremely long-term bearish.
This is truly a market for hibernation. Rug up.