Are You Ready For A Double Top? - Part II

So I am doing my usual weekend reading, and of course Detroit bankruptcy is dominating the headlines. I typed Detroit in the Google news search (on this a little later) and I did not believe my eyes: "Goldman Sachs is shuffling aluminum between their storage warehouses in Detroit". Can you say double top? Here is my simple and quick explanation. 

Financials are going to be under pressure on this development. It is going to be a stinker. Let's bring back those "fat cats" and cut their tails off. Don't mess with the man's soda can! Commodity sector will take a beating on this as well.

And as promised above, Google missed its Q2 earnings by a mile. Anyone who thinks this one gets forgotten quickly is simply dreaming. Their main business metric - cost per click - was atrocious. And on the same day MSFT reminded us what a dinosaur it really is, missing its earnings. Tech took a serious beating on Fri, including IBM, which supposedly did really well on its earnings just a day before, gave all of the gains back - not good.

So here you have it - two largest weighted sectors of S&P 500 are going to be under pressure. I do not see how this can be brushed aside by the "energizer bunny" stock market this time. I say we have a little double top with 10% correction here. 

I will add charts (of all discussed subjects) to this post later today. Time to hit the beach...

Here they are...

 

click on charts to enlarge