A Healthy Pullback

There was plenty of poor action today but some of the pressure on the leading momentum stocks relented and they closed well off their early lows. There was heavy pressure on key names, but the dip-buyers showed up and helped prevent downside momentum from building. It was still a poor day, with 2,350 gainers to 3,150 losers, but it could have easily developed into something much worse.

It is just a healthy pullback after a big run. It isn't a positive that all the Fed's "non-tapering" gains from last week have been given back, but we are back to an area of good support. As I said earlier today, I'm not particularly worried that we are undergoing a major shift in the market. We have just gotten a bit frothy lately and need to reset....1133 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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