Arms is a renowned stock market technician. He invented the Arms Index (often referred to as the TRIN), which has become a mainstay of market analysis, appearing daily in The Wall Street Journal and weekly in Barron's. Arms also developed the widely used technical method Equivolume Charting.Expand

Since 1996, Arms has been publishing the Arms Advisory newsletter for money managers and financial institutions. He also has authored five books, including Stop and Make Money: How to Profit in the Stock Market Using Volume and Stop Orders, Profits in Volume and Trading Without Fear, and has been honored with the Market Technicians' Award for Lifetime Contribution to Technical Analysis. Earlier in his career, he was a retail broker for 15 years at E.F. Hutton and, later, managed an institutional portfolio with assets of about $150 million.Collapse

A broad top is forming. Also, Bank of America and Wells Fargo charts.
There is room to make a quick profit, but the charts portend a much larger slide down the road.
Markets remain at extreme overbought levels, indicating rallies are a time to sell.
A break of that level would be quite bearish, so traders may want to get out of longs.
The market looks disconcertingly overbought, which warns of vulnerability ahead.
Even so, a high level of complacency suggests an important high may be forming.
Then again, the market has looked ready to drop for a month yet has just kept creeping higher.
The moving averages also are warning that we in the midst of a wide and foreboding top.
Volatility continues to be overly complacent and should give investors cause for concern.
The chart readings we now are seeing have tended to precede longer-lasting and deeper declines.

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