A Little Relief but Not Much Repair
After the worst day of the year on Monday, the market managed to bounce back a little. That calmed some nerves but did little to repair the damage that has been done recently. It would have been more surprising if we didn't have a little relief bounce after the intense selling pressure into the close on Monday afternoon.
Of course, plenty of bulls are happy to proclaim that the correction is now over and that it is clear sailing from here, but there was nothing in the action today to justify that view. We had OK volume, and breadth was decent at 3,500 gainers to 2,000 losers, but it was just standard dead-cat action, and there were few signs of a rush to reload longs. The Dow looked better than the Russell 2000 (IWM), but the IWM is probably a better indicator of broader market sentiment....183 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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