A Top or Not?
The action is very chaotic this morning. The market gapped up, sold off sharply, rebounded on housing news and is now hitting new lows. Crude oil is being pounded and bonds continue to rebound. Homebuilders and banks are leading while chips, oils and biotechs are lagging.
The bears say that this choppy action is a sign of a top because it is indicative of increased confusion among market players who are starting to wonder if maybe the market can't run straight up forever. Perhaps, but the action so far hasn't amounted to anything more than healthy consolidation following a big run. The market needs a shakeup once in a while to allow for profit-taking and for new buyers to enter on pullbacks. I'm not too worried about this action yet....90 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.