A Stock Market in Distribution, Big-Time

by Rick Ackerman

Index futures were in their wonted yo-yo mode Sunday night, perpetuating the tedium that has characterized securities markets in recent months. My gut feeling — not the first time I’ve had this feeling, as longtime followers of Rick’s Picks will recognize — is that the stock market is in a broad topping process. Permabears need to understand nonetheless that institutional players have so completely dominated this bull market that it is unreasonable to expect it to top until such time as trade desks start dumping shares en masse. Thus, anyone who says the Dow is about to take a 5000-point header is necessarily saying that, after a seven-year run-up that allowed the Big Boys to make a mountain of money effortlessly, they are about to turn tail.

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