Ya gotta give the Feds their due credit with this melt up job they've created. We all hear the "don't fight the fed" adage time and time again but do we always listen?

The following is an excerpt from NFTRH 298′s 38 pages of hard hitting, no b/s market analysis, which also included extensive work on the precious metals along with commodities, currencies, global markets and market sentiment.

At the beginning of January, I wrote an article entitled "Market Bulls Should Consider These Charts" which detailed some of the more excessive measures of market exuberance. Of course, it was only a few days later that the emerging markets/carry trade unwind began in earnest.

A series of charts illustrating bullish trends.

The Dow Theory could be in play here with the broad market. When both the Transports (IYT) and the Dow Industrials (DIA) cannot make higher highs and start making lower lows the market has topped according to Dow Theory.