No Traction
We have very choppy action this morning with weakness in Apple (AAPL) weighing on the Nasdaq, but flat action otherwise. Leadership is in oil, steel, coal and commodities; biotech, chips and homebuilders are lagging.
Traders are trying to force some action, but overall sentiment is negative and preventing bounces from gaining traction. Downtrends are typically a function of failed bounces and we have to watch out for that. When dip-buyers are caught being too aggressive and have to dump shares to escape, pullbacks accelerate....94 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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