Remember the maps at the mall … that showed the layout and where you were?
Well, here we are:
In candlestick lingo, Thursday was a ‘hanging man‘ set-up.
Friday was confirmation with a lower open, lower close, and penetration of the prior day’s low.
A prior update made somewhat of an error when it said ‘Of all the major indices, biotech on a percentage basis, is the downside leader.’
The Index Table below is updated to include gold (GLD) and the senior miners, GDX.
In fact, GDX is leading the downside.
From a trading standpoint, GDX has been ignored because it’s such a crowded market. Nonetheless, for different reasons than biotech (i.e. deflation), strictly speaking, it’s the downside leader.
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