‘Don’t Worry About It!’

The talking heads keep telling us, "Don't worry about it," but what I'm seeing in the charts is cause for concern.

   

Video Transcript

We’re told, “Don’t worry about the currencies. Don’t worry about Cyprus. Don’t worry about the news. Don’t worry about Italy, Spain or Austria. You name the country, don’t worry about it if it doesn’t have to do with the United States. Don’t worry about Caterpillar (NYSE:CAT). Don’t worry about bad earnings with FedEx (NYSE:FDX). Don’t worry, don’t worry, don’t worry, don’t worry.”

If everything is a “don’t worry,” when is it actually time to start worrying? In the video, show you FDX’s chart after it reported earnings to show that even though the pundits say not to worry, its chart is cause for concern.

We have stocks like United States Steel (NYSE:X) that has been in a persistent waterfall, and I show you its chart in the video. These are stocks that are supposed to do well when the market does well.

Now, Cliffs Natural Resources (NYSE:CLF) is another one that has a horrific downtrend. CLF actually overshot the bottom of its falling wedge pattern, but if you were to look at CLF’s weekly chart, it’s made new multi-year lows – actually, lows not seen since 2009.

But, again, what we’re hearing over and over again is, “Don’t worry about it.”

Of course, we’ve been told all along that because Apple (NASDAQ:AAPL) has issues and it hasn’t been able to participate in the rally. It’s also been in a persistent downtrend all year, but we’re told, “Don’t worry about it.”

Instead of listening to that refrain, I’m looking at what bulls should be worried about, and I’ll share that with you in the days ahead.

InvestorPlace advisor John Lansing tracks the charts all day and offers expert technical analysis in his day trading, options and trading services: Power Trading at the Open, Parabolic Options and Trending123.  For more information on which service is for you click here.


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