Time to Play Defense

It's a classic failed bounce and an ugly intraday reversal, the biggest since last year. It's the sort of action I would expect from an oversold bounce after the market rolls over.

Action like this confirms my "topping process" thesis, especially since we have not seen selling pick up to this degree in a while. It's obvious that market players saw the early strength as an opportunity to cut long exposure and that is what they are doing....88 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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