Looks Like the Uptrend Has Sputtered Out

The action so far Thursday is confirming a change in the character of the market. I've been writing for a while now that we need to let the price action be our guide. After the weakness Wednesday and the follow-through today, it is clear that the recent uptrend has sputtered out and that the market is in danger of rolling over.

I don't want to be too negative here, as this is the first bout of real selling we have seen so far this year. But it is very important to take some defensive action, just in case this isn't just some healthy consolidation. So far the action today constitutes confirmation that the bears are gaining control. We have seen a few minor bounce attempts, which were turned back, and the market hit a new intraday low around midday. That is an indication that there are "stuckholders" who are looking for exits into strength....119 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.