A Daytrader's Market
The pattern of the market lately has been a late-day bounce that prevents things from really becoming ugly. Today we looked like death early but bounced strongly after about an hour of trading. The DJIA has even managed to turn green for a few minutes. Did we bounce too early, or are we starting to see some long positioning in anticipation of earnings and Ben Bernanke?
While we do have some signs of underlying support, the primary problem is that the upside bounces are very weak and aren't sucking in chasers and underinvested bulls. In fact, there is probably more interest in selling and shorting strength than there is worry about not having sufficient long exposure....107 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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