Approaching a Wall

The decline on Friday, in response to the dismal jobs news, took the S&P 500 to just where support would be expected: the old low of mid-March just below 1540. And again we saw the buyers come in looking for bargains on the dip.

But this time and also on the prior Tuesday, it felt different. The rally lacked conviction. Since the first quarter is in the books, I wonder if we are seeing the institutional pros starting to feed stock out to the public. If so, it is a warning sign. If the low cited above is decisively broken, it would be, I believe, a strong reason to immediately go to the short side of the market....319 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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