Special Market Topping Edition!
Tonight I will be on Fast Money on CNBC at 5:30 pm discussing the overall quality of the market rally, following the selloff and snapback post Japan:
• Markets tend to wobble when hit with these externalities, then resume their prior action.
• Stocks seemed to be starting a topping formation — a 3-9 month process — prior to the crack.
• The complacency about Japan (Barron’s cover, Economist, everyone on TV) is somewhat concerning
• Watch the S&P500 1310-1315 level — that could be key resistance where this rally fails
• Sectors that look especially ugly are retail and consumer discretionary.