The Market Is About To Plunge (Day 14, Vol 11)
While I'm not going to officially call a top yet, the odds are definitely rising that the top is in on this bear market rally. Why? The speculative garbage people have been buying are getting smashed today. The GMX CRAP index (Companies Rapidly About to Plunge) is getting shelled today. Here are the components of the CRAP:
China Scamergy (sorry, Sunergy)
MGM Mirage (apt discription "mirage" of your investment $$$s in this company)
New York Times Co.
American CRAPital (ACAS)
Here's the pertinent charts:
1-minute chart this morning to show that the(weak) bounce in SPX has not rubbed off on the CRAP at all.
1 hour chart to show just how much people's aversion to CRAP has changed in the past couple of days: