The Downtrend Gains Steam

We had classic bear market action today as an early bounce sucked in buyers who were looking for a quick turn up. We topped out after the first 30 minutes of trading, trended down the rest of the day and closed near the lows. That is typical behavior as a downtrend gains steam.

Apple (AAPL), due to its heavy weighting in the indices, covered up some of the weakness, but by the end of the day, breadth was quite poor, with just 1,350 gainers to 4,200 decliners. All major sectors were in the red, though drugs and few commodity related groups showing some relative strength....1189 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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