Stocks sold off early on the realization that the debt and monetary crisis in Europe is hardly averted.
The austerity being enforced in Europe and the UK is very likely to drive those areas into an economic Depression.
But while Bernanke supplies the Banks with a fresh round of $85 billion per month, hope floats.
It is almost the end of the first quarter and the paint will be applied to the tape. I am sure they will take a few more serious runs at a new all time high on the SP 500. And our intermediate chart objective lies tantalizingly overhead.
And hard as it may be to believe, Alcoa will kick off a new earnings season in just a few weeks.
Market Shadows Newsletter: A Little Strategy, A Little Action