Floating the Idea of a Berkshire Top

Monday's big downside reversal after surging to fresh all-time highs for Berkshire Hathaway "A Shares" was noteworthy since it was, among other factors, occurring the first trading session after the Berkshire Annual Letter hit the news headlines all weekend with Warren Buffett's thoughts on markets and life. 

In addition, Berkshire's stock has a history of reversing hard at major market inflection points, be it primary tops or bottoms (March 2009 was a great example of this). Thus, whether or not Berkshire confirms the recent reversal as a major top or not should have broad market ramifications, especially given Buffett's propensity in recent years to become even more economically sensitive with his holdings (e.g. AAPL) than his previous reparation suggested.

I am looking for the consolidation yesterday and today to eventually break lower in March to confirm the top.  

Elsewhere, natural gas continues to quietly improve, as the broad market is a bit soggy in front of the PCE inflation data tomorrow morning. 

Finally, do not sleep on New Zealand's central bank, still threatening to hike rates this year. They have a history of being a leader among the developed economy central banks, and I think their continued worry about inflation is clearly legitimate.