• Chartist Corner: This Chart Says Get Ready To Sell

    by  • October 23, 2013 8:53 am • Chartist Corner, Charts to Watch

    Well, now that I have your attention, I’d like to share an amazing looking chart and one that does say be cautious.

    Based on historical October returns going back to 1950, October tends to peak on the 22nd (yesterday) and drop pretty hard until the 27th.  Well, we made new highs yesterday and futures are lower so far this morning.  Could it play out again?

     

     

     

     

     

     

     

     

     

     

     

     

     

    I’m by no means turning outright bearish here and I do expect a continued strong bid into the end of the year, still, we’ve had a great run and now history is saying be open to some weakness.  As a trader, don’t fight history.

    In fact, once we get past some potential late October weakness, check out what usually happens in November and December.

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