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Accumulation/Distribution - The price and volume action over the last few weeks has been bad. The market has risen on light volume and declined on heavy volume. This is an indication of institutional distribution. On top of this, notice the number of black (or red) candlesticks on a chart of the (AMEX:SPY - News) or (AMEX:QQQQ - News) over the last month. Since 11/25, the SPY is only down a little over 1%. Yet during that time, there have been twice as many black candles as white candles. Institutions have been gapping the market up in the morning so that they can sell it off during the day. The big boys are unloading stock on the unsuspecting public while artificially propping up the market. This kind of action is many times seen near tops.
I just wanted to post this before I go home for New Years, I stayed at the office to see this market close for the year.
The entire article is on yahoo, market. I think the guy is right.
Warning bells are going off here.
Anyway, great New Year to all of us. And I am going home.
Joe
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