It’s Friday the 13th and markets blogs are buzzing about a so-called Hindenburg Omen that popped up yesterday on the NYSE.
From Wikipedia: “A Hindenburg Omen occurred on August 12th, 2010, the first since the market lows of 2009. One nearly occurred on August 11th, failing only in that 67 stocks hit new lows, rather than the required 69.”
FT Alphaville and others have picked up on the Zero Hedge post that flagged the bearish pattern.
“Currently we are facing weakening growth expectations globally, a debased U.S. currency, simultaneous concerns about near term deflation and longer horizon inflation, sky-high unemployment and crushing debt,” said Andrew Barber, strategist at Waverly Advisors, in an email. “If people need spooky stories to make them fear a market collapse then they are missing the forest for the trees.”