Can you believe that some people are blaming him for the recent drop in the market? Look at him. Can you really blame that face? He hasn't said anything new. People just seem to be getting a little sad that a rate cut might not be as close around the corner, treasury rates have inched up, and the ECB just raised rates. Once again we are addicted to interest rates. Granted they ARE important, but isn't there more to the economy?
Clear Channel's chart looks like it might be taking a fall downwards. It is starting to fall from overbought levels and the candlesticks are forming a top. Lastly, there is a crossover on the MACD.
Carnival is another stock that has dropped from overbought levels. There was a large gap down today and given the previous resistance level at $48.50, I think we could easily see a retracement at that level.
Since mid-March, Life Time has been trading in a channel. The CCI has done a good job at tracking the peaks and valleys of the channel and it look to be on its way back down. Look for it to remain between about $49.25-$52 or watch for a breakout/breakdown. This seems to be one of the few stocks moving sideways as opposed to shooting to the moon.
As of this writing, it looks like most of Asia is in the red, but the CME futures are glowing to the upside. It should be interesting to see what things look like in the morning.
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