What happened to “buyers have the upper hand?

Greetings from “typhoon Tokyo” where we are told the sun may come out tomorrow.

The “buyers have the upper hand” mantra lasted all of 1 day and 10 minutes…and that is what defines bearish phases. Volume was heavier on Wednesday’s reversal to the downside than Tuesday’s strong day to the upside. Anemic and short-lived continues to be all bounces/rallies have and that is not good news as declining moving averages catch up to price.

Short term wild action aside, the big picture remains the same as major indices remain BELOW massive resistance formed with high volume breakdowns. Leadership remains just about nil and as stated, rallies don’t even last more than a day.

The other part of the equation is that here in Japan, all everyone talks about on Asian tv channels is how markets need government intervention to save the day. I guess they really don’t know what the word “markets” mean! They don’t realise it is all the government interference that is causing all the nonsense. Do you hear that Janet?