Oct 7, 2014

Markets Are Forming A Top

I still believe that the stock market is in the process of making a top and will in fact roll over if the Federal Reserve does not come out and take the interest rate hikes off the table and unveils a new round of QE, or reverse the taper. If Yellen does that before the market breaks down than she will avert the bear market. But if she waits until after it breaks down, obviously she will be reacting to it.

But either way, the markets are in the process of forming a top, at least a short term top until the federal Reserve gives in and gives the addicts what they need, wether they need it or not.

Related trading instruments: Select Sector Financial Select Sector SPDR ETF (XLF), SPDR S&P 500 Index ETF (SPY), Energy Select Sector SPDR ETF (XLE), Nasdaq 100 Index ETF (QQQ), Bank of America (BAC), J.P. Morgan (JPM), Citigroup (C), Facebook (FB), Netflix (NFLX), Tesla Motors (TSLA), Twitter (TWTR)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Blog Archive