The Mood Is Shifting
Today's selling has a more negative feel and that is troublesome. I'm always watching for a change in market character, and I'm starting to see a few signs that the mood is shifting. While there was one early bounce off the opening lows, there's limited interest in dip-buying. If the market doesn't pick up and closes near the lows of the day, it will be significant. While there still hasn't been much, if any, technical damage, the lack of vigorous buying for a week is taking its toll.
The bulls are still counting on end-of-quarter markups to give the market at least one more boost. There is talk about how active managers are underperforming badly and will be anxious to rack up performance points before the end of the month. According to ZeroHedge, only 8% of hedge funds are outperforming the market, which is down from 11% in August. No wonder there seems to be so little love for this market....62 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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