Forget about the bad times, oh yeah
One day to come together
To release the pressure
We need a holiday
--Madonna
After 10%+ moves in the broad indexes over the past couple of days, the bottom callers are naturally out in force. A peek at the charts suggests little more than a rebound from deeply oversold conditions at the present time. Most indexes are approaching resistance defined by the November lows. Let's see how prices navigate this first hurdle.
While there seems to be a fair amount of bullish rhetoric out there, Prof Goepfert points out that actions suggest a bearish bent. Hoofy also has to be encouraged by the leadership exhibited by the banks. The Bank Index (BKX) is up more than 20% in the past few sessions.As such, we may be set up for a rally that lasts more than a New York minute.
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2 comments:
I think that we will see a general trend down, with each rally less sustained than the last.
Am definitely in the camp that we haven't seen the ultimate lows. But can't shake the sense that we don't have a 'mother' of a counter trend move--perhaps even a 50% fibo retracement towards the highs.
Of course, that opinion isn't worth the electrons used to express it;-)
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