CHICAGO, March 7, 2012 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "inthemoneystocks".
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Markets Collapse As River Theory Shows Everywhere
The markets are taking a beating today on the back of major worries out of Greece and the rest of the European Union. The SPDR S&P 500 ETF (NYSEARCA: SPY) is trading at $134.64, -2.11 (-1.54%). This is the biggest drop in the markets in almost three months. In addition, it is coming off the double top in the SPY from May 2nd, 2011 as well as the Dow Jones Industrial Average hitting 13,000 and the NASDAQ hitting 3,000. The fact that the market failed to confirm above these levels is significant and probably speaks to a multi month top.
The gap down today fits the criteria for a River Theory. This and Confirmation are both proprietary techniques that are truly amazing signals on future market direction. The PowerShares QQQ Trust, Series 1 ETF (Nasdaq: QQQ) and SPY opened below their 20 moving averages. This puts in play further downside over the next few days.
Shorts in Caterpillar Inc. (NYSE: CAT), Mastercard Inc (NYSE: MA), Microsoft Corporation (Nasdaq: MSFT) and the S&P 500 are all doing very well. In addition, the time factor of a major cycle date is on the horizon. This looks to be playing out as well.
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