Bear Hunt

Counting the weak links in the current technical picture is easier than usual. As mentioned in the last post, for traders, shorting here may provide a short term opportunity, but why bother. Yes, the number of big name stocks dragged down the stairs are now at a point where they are sitting or leaning on the very edge of ugly. GE made another 52 week low today under $18 and IBM is near the $80 mark, after an unusually hard break from the summer highs of over $130. CME is now over 60% off its goofy ass high of 705 when every moron was convinced trading profits would never end. Now they are tied up in the exchange jumping where there will be some reckoning over the future of transactional volume. Looks grim, but the downside price construct will only provide peril to traders as bear traps abound.