Chaotic Under the Surface

The dip-buyers showed up this afternoon and bounced some of the high-momentum names and, of course, the machines had a late buy program that produced another new high for the indices. But it has been an odd few days as leadership has shifted to defensive stocks and profit-taking hits some of the old leaders.

There are still no signs of weakness in the indices but it has been extremely chaotic under the surface. Many traders, including me, are feeling out of sync with this action. It looks and feels like the market is undergoing some change in character but it isn't clear what it is going to be. The bulls are calling it a rotation into new leaders while the bears are saying it's a sign of top....1066 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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