A UBS analyst joins a chorus of technical experts who see the U.S. stock market in the process of hitting a top and expect a major correction this summer.
Michael Riesner, head equity technical analyst at UBS, in a note to investors presents a number of charts to support his ‘toppish’ warnings.
The S&P 500 is about 1% below its all-time high set last month, but what’s worrying Riesner is what he describes as “intact and growing divergences on macro and inter-market levels.” (more)
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In China, all the signs are there, but not many investors see themPlease share this article
by Howard Gold
bubbles always look so obvious in hindsight. But when you’re in the
middle of one, it’s hard to fight the crowd, even if that little voice
in your head tells you to run for the hills.
Why? Bubbles produce compelling narratives that give people reasons
to believe. The Internet is changing everything. Housing prices never go
down. Tulips are the most precious commodity on God’s green Earth, etc.
Now the same thing is happening again in China, a market that has had
one huge bubble burst only recently. The Shanghai Composite index
briefly topped 6,000 in October 2007 only to plummet to just above
1,700, a sickening 70% plunge in only 12 months.
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