Unconvincing rallies last week - look at GE.

Despite new highs in some of the major indices, the advance decline ratio was actually negative on Friday.  Shares like GE tell the story best.  In this post and in this follow up from last Thursday I modeled that they were likely near or at a major peak.  On Friday the had a small gap down and then sold off all day, ending near the day's low.  This, I think, is not bullish in any way and should not be ignored by the prudent speculator.  A break back above the top rail would nullify this view but more than likely the best it will be able to pull off is a declining double top that again kisses the top rail and then comes falling down even more quickly.