By InTheMoneyStocks.com on March 15th, 2010 11:43am Eastern Time
As I wrote about this weekend, the markets had a beautiful in spirit of bear flag. Sure enough, it is playing out today with a nice sharp sell off in the markets. As mentioned to my premium members on Friday, I put the chance of a top at 70% near term. So far the markets are playing this out like a fiddle.
The SPDR S&P 500 ETF (NYSE:SPY) is lower by $0.76 (-.65%). There has been really no negative news today which enforces the whole idea that charts are key to reading the market correctly. That is what we do in the Research Center. The SPDR Dow Jones Industrial Average ETF (NYSE:DIA) is lower by $0.47 (-.45%).
The Nasdaq is under pressure today as some key stocks are getting hit hard. Apple Inc. (NASDAQ:AAPL) is having a rare sharp down day as profit takers are out in full force from the recent run up. Apple is down over $5.00 or -2.30%). In addition, word on the street is that Google Inc. (NASDAQ:GOOG) is 99% sure to pull out of China. This is sending the stock down almost 4%. In response to that report, Baidu, Inc.(ADR) (NASDAQ:BIDU) is surging over 6% as they would truly take over as the only search engine.
The key again to this move lower today is all technical folks. For the non believers out there, I urge you to start learning a little. It will open your eyes. Below is the article I wrote over the weekend talking about the in spirit of bear flag pattern just needing volume to play out. The markets sure enough gave us just that today! Enjoy and see you all in the Research Center at InTheMoneyStocks.
Gareth Soloway
Chief Market Strategist
InTheMoneyStocks.com
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