Momentum Is Missing
Market players were hopeful that a soft open might result in better intraday action than we saw after the hot open we had yesterday, but once again we have very little buying momentum. There are a few bounces in things like Apple (AAPL), Baidu (BIDU) and IBM (IBM), but there's no big rush to build positions. Market players are wary, and the very tepid response to earnings from Wells Fargo (WFC) and JPMorgan (JPM) isn't helping.
The biggest danger in this sort of market is in being too aggressive when trying to catch quick bounces. You have to recognize that most of the buyers don't plan on sticking around, and then it becomes a race to see who can flip for a quick profit the fastest....85 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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