Use Caution

The dip-buyers saved us once, but the bounce fizzled quickly and we took out the opening lows. We still have underlying support, but the market lacks energy and upside progress is becoming more difficult. Breadth is still solid with oil and gold leading, but volume is lackluster and buyers are more cautious.

As I discussed in my opening post, it's almost impossible not to contemplate the potential for a near-term market top. We have been trending straight up for quite a while and there are plenty of solid bearish arguments to be made, but we are missing one thing and that is price weakness. Until there is some notable softness in the market, it is extremely risky to anticipate a market turn....184 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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