HSBC’s technical-analysis team has thrown up the ultimate warning signal.
In a note to clients released Wednesday, Murray Gunn, the head of technical analysis for HSBC, said he had become on “RED ALERT” for an imminent sell-off in stocks given the price action over the past few weeks.
Gunn uses a type of technical analysis called the Elliott Wave Prinicple, which tracks alternating patterns in the stock market to discern investors’ behavior and possible next moves.
In late September, Gunn said the stock market’s moves looked eerily similar to those just before the 1987 stock market crash. Citi’s Tom Fitzpatrick also highlighted the market’s similarities to the 1987 crash just a few days ago. On September 30, Gunn said stocks were under an “orange alert,” as they looked to him as if they had topped out.
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Time For Truth: (Business Insider) – HSBC: RED ALERT — get ready for a ‘severe fall’ in the stock market
Cocaine with a street value of up to 50 million euros (£42m) has been discovered at a Coca-Cola plant in France.
The drug, hidden in bags among a delivery of orange juice concentrate, arrived in a container from South America.
An investigation is under way in Signes, a village in southern France.
A 25-year-old woman who went missing 10 years ago in California has told police she was forced to marry her captor and have his child.
The unnamed woman contacted police shortly after communicating with her sister on Facebook, officers said.
Isidro Garcia, 41, was arrested on Tuesday on suspicion of kidnapping, rape and false imprisonment.
Police said in a statement he had been living with the girl’s family at the time of her disappearance.
New York (AFP) – A citrus disease spread by a tiny insect has devastated Florida’s orange crop, which is expected to be the worst in nearly 30 years, and sent juice prices soaring on New York markets.
The culprit? The gnat-sized Asian citrus psyllid, which is infecting citrus trees across the Sunshine State with huanglongbing, or citrus greening disease, which causes fruit to taste bitter and fall from trees too soon.