To say the least, today was an interesting and suspicious day on Wall Street.
At one point this afternoon there was a major problem with several of the exchanges. Things happen and technology is never perfect no matter how much money is pumped in.
However, today more than one exchange experienced some kind of an outage or otherwise, at the same time – and none of their backup systems worked?
Now here’s the suspicious part – once the outage occurred, the markets begin climbing higher, and once everything was back to normal, the markets fell back down.
Chances are you’ll hear nothing about this incident anywhere. The best part of the entire ordeal is that if the market went lower rather than higher, you would have heard all kinds of conspiracy theories.
What happened when the markets when higher was simple “distribution.” The stocks that were up went from the strong hands to the weak hands that were chasing the market higher.
I’m not quite sure what to make of it, but thought it was worth the mention.
All in all, the market continues to power higher, looking for the last resistance point (found in tonight’s video) to challenge and decide whether she’s going higher or back down to reality.
Crude oil continued to get sold today, looking like it wants to go to $75 before this decline is over.
Gold got hit rather hard today, breaking below the all important psychological $1200 level. More on Gold in the video.
Tomorrow is the end of a month, and therefore a flat day should be expected unless there is something out there to jolt the market.
Tune into the video below for the common sense technical take on the markets.