Seems Like a Run-of-the-Mill Pullback
Friday is looking like a day of profit-taking and consolidation after a three-day run that caught quite a few folks by surprise. The poor positioning probably help to push the market a bit further than warranted, but that's what happens when bad news -- like the fact that the Federal Reserve didn't implement a third round of quantitative easing -- turns out not to matter.
I don't see any reason to believe we should jump to conclusion that the market is topping out. The major indices just need to digest the recent gains and allow the short-term traders to lock in their profits. It still looks like the market has some underlying support, and some dip-buying interest, and there doesn't appear to be any panic selling. So far, it is just a routine pullback after a decent run....118 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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