No Rush for the Exits
There was mild profit-taking in opening trading but no big rush for the exits, and buyers are now jumping back in. Though the indices have turned green, breadth is a bit soft. There are signs of underlying support and continued strength in Google (GOOG), Williams-Sonoma (WSM), Amgen (AMGN) and Target (TGT). Steel, coal and retail lead while precious metals and chips lag.
With the Fed on deck this week, I don't anticipate the bears being able to gain much traction. There will likely be consolidation and bouts of profit-taking, but the bears are dreaming if they are looking for a major breakdown here. Markets that act like this don't suddenly fall apart....109 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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