Today, the Bernie Lomax of American full-service banking (Citigroup) apparently consumed a great deal of powder needed to maintain the illusion of the firm's continued animation (as well as that of the trans-Atlantic financial system)...
Fully 3.27 billion shares of Citigroup traded today. That is one lively circle jerk! Yet when it came to paying for the pleasure apparently all of today's pre-market CME juice simply had to be drained.
Now, inasmuch as early-November's brief leap above April peak forced an alteration in my view toward the development of five waves up from March '09 bottom, today's slight lift above November's peak demands yet another refinement. Nothing major at all. Likewise, those varied displays of increasing technical weakness discussed here for some time now remain very much intact (and ever more portending).
I keep coming back to the NYSE McClellan Oscillator because technical substantiation of the fifth wave of five waves up from March '09 bottom is becoming increasingly glaring. Weakness prerequisite to a major reversal of fortunes is abundantly evident by this measure.
Whether today met the precipice or whether this is reached in another day or two presently is uncertain. Likewise unresolved is whether levitation might extend for some weeks and months further.
All that really needs repeating following a day like today is that, nothing even remotely substantive is altering the market's vulnerable state. Don't be surprised, then, if 2010 goes out on a very sour note and ends in the negative.
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