The Gap-Up Invites Selling
We gapped up too much to start that day, and that invited selling rather than chasing so far. If we continue to hold the gains, some buyers will likely step up, but right now we have mostly fades, with Apple (AAPL) being a particularly good example. There are a few runners like Google (GOOG), but buyers are understandably a bit slow in embracing a bounce after two days of poor action.
Breadth is quite good at nearly 4 to 1 positive, and all major sectors are up, with biotech, gold, steel, coal and oil leading. We are slowly walking back up the opening highs, and that should trigger some stops if it is taken out....174 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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