Beware Of This Market
Beware the upside blip on the Nasdaq Composite COMP, warns Gary Savage of Smart Money Tracker. "I'm thinking big money players are trying to manufacture a marginal break out to new highs in order to hand off the bag to retail and technical traders ahead of an intermediate degree correction," he said, citing what he's seeing in that chart below. Savage also sees the possibility that we're at the top of a seven-year cycle. "This is how major turning points occur," he said. "Big money paints the tape to allow them to exit into a false breakout."