Be Patient and Look for an Edge

The pattern of a mildly positive open and a quick selloff continues. Typically, support turns back up at midday but the close is poor, which keeps the mood negative. As long as early strength is faded and the market closes weak, we must give the benefit of the doubt to the bears.

The bounce buyers are still trying to catch a turn but they have been burned again. The best thing that could happen is that they give up and turn bearish. While the market action has been ugly lately, it's lacked extreme emotion and there have been few signs of panic. Panic may not produce a bottom, but it helps move the market to a lasting low much faster....107 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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