Upside Action but No Breakout
We have bear-killing action to start the day as the premarket weakness sucked in some of the skeptics before spiking higher after the opening bell. There isn't any particularly news to account for the buying. I suspect it is due in large part to the old adage about not shorting a dull market. They don't get much duller than this one and we definitely have a "wall of worry" as well.
The problem with this action is that the upside isn't generating much momentum. It's a positive move but then it slows down and drifts. The buyers back off and we don't see any real breakout moves. With action like that, there isn't much choice but to take gains into strength....103 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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