It's Just Healthy Profit-Taking
The first pullback after a five-day run is usually going to attract quick dip-buying. A straight-up move like that creates a large supply of folks frustrated that they missed out, which makes them buy more aggressively when the market finally does pull back a bit. The bounce isn't gaining much momentum so far, but the indices are off the lows and breadth has improved.
It is a summer Friday and the bulls have enjoyed a good week, so it shouldn't be a big surprise if things drift around today. In fact, some backing and filling would be very healthy. It also wouldn't hurt if the positive sentiment were tempered a bit. An awful lot of fearless bulls celebrated the market yesterday, and that is seldom a good sign....99 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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