Another rough week. Dow dropped 178, advancers beat decliners about 4-1 today. Looks like it dropped about 300 this week. I think traders read my blog this morning & sold off. They are worrying abut the FED's ability to cut interest rates with threats of inflation. Banks had a bad week as did REIT's & housing related stocks. However MLPs index is pretty much glued to 295 although some are doing better than others. Coke (KO) and Pepsi (PEP) reached 52 week highs, that's where the money is going.
I think Dow will be testing 13K next week, i.e. down. Bank of America is testing 42. I'm not a big technical guy, but hard not to notice. That's been it's floor in the last 3 years. The year prior, that was roughly it's ceiling. Next week we'll find out if goes thru the floor.
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