I wrote about this not long ago but it is worth noting again. The negative divergences on the financial stocks is something that is scarier than a naked 90-year old witch on Halloween. Stocks like JPMorgan Chase & Co. (JPM), Goldman Sachs Group, Inc. (GS), Wells Fargo & Co. (WFC), Morgan Stanley (MS) and Bank of America Corp. (BAC) all put in a major pivot top weeks ago. While the S&P 500 squeaked out a new all-time closing high, these stocks continue to fall lower.
Something is amiss in the markets. While retail money continues to flow in, distribution has increased from institutions. Distribution is a term used to describe institutional selling into the average investor buying. Take the seven day free trial to the Research Center. Join the elite pros and get swing trade alerts, proprietary strategies, daily videos and market reports. Start today and profit for life.
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