Digging for More Buys
They hesitated a few minutes after the gap-down open, but those dip-buyers are doing their thing again and have the market at the highs of the day. We are still in the red, and breadth is poor at better than 2-to-1 negative, but that underlying support is impressive.
From a technical standpoint, the key now is to hold above the early lows. If the lows are retested, the bears will become hopeful and start pressing. But as long as the dip-buyers continue this level of support, there isn't going to be much interest in fighting them. Keep in mind that we are nearing the end of the month and there may be a greater tendency than normal to hold the market aloft....151 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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.