Don't Trust the Bounce Yet

There was some hesitation, but the bounce has kicked in and the action has improved. I suspect that Treasury Secretary Mnuchin's testimony is helpful, as it takes the focus off the political issues. What the market wants is some progress on fiscal policies -- and that is what they are talking about.

Breadth has move up off the early lows and is close to flat. There are only 50 new 12-month highs and 115 new lows. This has turned down quickly, but that is because the rally was so narrow for so long. Half the stocks in the market are already under their 200-day simple moving average. This was not just a one-day correction. Most of the market has been correcting for a while, which is one of the reasons we are bouncing back....126 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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