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Last week was not the start to the trading year that we wanted. There is an old Wall Street addage - As January goes, so goes the year. Well this sure isn't good.
I post a few videos at Studentofmarkets.com which go into some of the bearish sentiment that is out there.
In essense, there are several bearish patterns at work - flag patterns, breaks of short term support and bounces off of Fibonacci retracement lines.
We have the begninning of earnings season and if you believe the retail numbers of last week as a 'tell', they might be ugly this quarter. In addition, this is Options-expiration week, which will certainly add to the volatility.
Hold onto your hats this week people
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