The Bounce Fizzles
The dip buyers have had good results recently when they jumped in early following European worries overnight. Unfortunately, for the second straight day, the dip buyers were stung badly when the bounce fizzled and we breached the opening low. If you set tight stops, you were able to avoid some damage. But if you didn't play a little defense once things weakened, it got ugly fast.
What was particularly worrisome about the action was that once we broke the opening low, the dip buyers completely disappeared. We couldn't even manage a little bounce at the close. All major sectors were red, breadth was poor at 1300 gainers to 4200 losers, and volume was heavy....208 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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