This is almost too perfect. From Friday’s post:
“By the way, just for fun let’s watch what happens when MarketWatch starts putting up front page articles about the Dow and SOX ‘Bearish Death Crosses’ of the 50 and 200 day moving averages.”
Wow… Dow death cross is a bearish omen for the stock market –MarketWatch
Bears might want to take note.
If you know me, you know that this is my personal favorite contrary indicator as the media just love to put “DEATH CROSS” in headlines and chartists just love to transfix viewers with the gruesome message. A cross of the 50 below the 200 more often than not precedes a strong bounce to clear out all the followers who bought (or sold) the headline.
The market is in danger of technical damage now, but it has nothing to do with a “Death Cross”.
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