It's Slow Going
An extremely slow day of trading set us up nicely for a little squeeze on European headlines this afternoon. But it didn't hold and we ended up closing flat. Volume was extremely light and breadth was on the negative side, but we still aren't seeing many signs of profit-taking. Market players continue to be more worried about missing out on further upside than about protecting recent profits.
The bulls have a couple of things working to their advantage right now. Too many folks are trying to play catch-up with the market and there is fear that we'll keep spiking higher as solutions to the European problems continue to roll out. We've had at least a dozen new European solutions celebrated in the past seven days of trading, and market players are expecting even more "good" news in the days ahead. Whether these solutions really are viable is irrelevant, since the buying reaction is reflexive at this point....183 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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