Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Been a cold long winter (year) for bears in 2013. But this is the second week in a row they have “won”. Things have essentially been downhill since the Q&A with Bernanke a week ago Wednesday. This week we had 3 (maybe 4) gap downs and the only gap up (Wednesday) was sold aggressively. Next week S&P 1635 will be a very key line in the sand as it was the lows of this week and part of a mini triangle (wedge, whatever your term) forming on the S&P 500.
Emerging markets have been obliterated of late as well…
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