None of the major indices lost too much ground today but it was downright dismal trading. The Nasdaq was the worst of the major indices with a loss of 0.80%, primarily due to weakness in Apple (AAPL), but what was most discouraging today was the lack of strength. The few bright spots were mainly stocks that have broken down recently and were due for oversold bounces.
It has been my contention for a couple of weeks that we are seeing topping action in the market, and a day like today tends to confirm that feeling. While the market did hold, there was little interest in buying and, over time, that sort of action usually drives increased profit-taking....67 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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