Still Not Buying the Rally

The rally we predicted earlier in the week has materialized and progressed nicely so far. But it still has the appearance of a bounce off support within a market that has turned lower on an intermediate-term basis.

On the two charts below, we see the dramatic difference between the S&P 500 and the Nasdaq. Whereas a case could be made for this having been just a pullback in Nasdaq, the technical damage has been so big in the Nasdaq that one has to conclude a major shift has occurred....331 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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