Skeptics Driving the Upside
Poor jobs news yesterday brought in some buyers, while the better-than-expected unemployment claims numbers this morning are triggering some selling. The ISM services number is weak and more than half of retailers missed their April sales numbers, which isn't helping matters. But it is interesting how quickly the signs of momentum we saw yesterday have dried up.
As I've been writing, I suspect that the upside action lately has been driven more by skeptics who fear that they will miss out on a market rally than it is by real bullish conviction. When we do have selling pressure, the doubts come to the fore quite quickly and the momentum immediately dries up....124 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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