Overbought, With Nary a Decline in Sight

Just about a month ago I took an informal poll on Real Money, when the S&P 500 was still showing a triangle pattern, asking folks whether they believed that formation would end in a break to the upside or to the downside. The vast majority of respondents were looking for a breakout to the upside. As we now know, the market underwent its usual routine of doing the unexpected, and broke down instead.

With Friday's European Union summit looming, I conducted another poll Wednesday, inquiring whether folks believed the EU would bring the bazooka or, instead, disappoint the markets. The results of this poll were pretty clear, with 65% of respondents looking for the EU to disappoint....375 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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