It's too Soon to Be a Raging Bull
Market players hoped and prayed all week for a bounce, yet they had nothing to show for it except more losses. Finally, this morning, vague comments from members of Congress about a productive fiscal-cliff meeting brought in enough buying to keep the market in positive territory. Apple (AAPL) reversed big intraday, breadth was positive -- especially on the NYSE at 2275 gainers to 790 decliners -- and the market even managed to close near the highs. There was a little nervousness mid-afternoon, but the bulls found their footing and appear ready to build on today's reversal.
What was most interesting about this week's action was that everyone was convinced a bounce was coming. The overly anticipatory bulls were burned badly when they jumped in too quickly, but given how stretched the market was to the downside, it just needed the right news to trigger a reversal....167 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.