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Pam and Russ Martens: Charts suggest tape painting pushes stocks to new highs
By Pam and Russ Martens
Wall Street on Parade
Friday, July 12, 2019
What we need today is a real life character like Vinny Gambini in the movie "My Cousin Vinny" to take over the questioning for the U.S. Senate Banking Committee -- like Ferdinand Pecora did in the early 1930s to root out the systemic frauds in the stock market of that era. Gambini would haul to a hearing the heads of equities trading for each of the major Wall Street banks and their Dark Pools, put them under oath, and grill them about the highly suspicious trading activity that is going on in today's markets.
... Dispatch continues below ...
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Let's start with what happened yesterday. In the face of punk earnings forecasts for the rest of this year and a growing global economic slowdown, the Dow Jones Industrial Average hit a historic milestone, closing above 27,000 for the first time. But the rising tide didn't lift all boats: eight of the Dow's 30 stock components closed in the red. Those stocks were Chevron, Verizon, McDonald’s, Apple, Travelers, Johnson and Johnson, Pfizer, and Merck.
There was something else that raises suspicious red flags to veteran chart watchers. A big spurt in some of the Dow stock components magically occurred in the final 15 minutes of trading, like some mystical, invisible hand had decided to levitate these share prices before the closing bell. ...
... For the remainder of the commentary:
http://wallstreetonparade.com/2019/07/charts-suggest-the-dow-index-is-be...
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