Well that didn't take long. I mentioned in yesterday's post that the sellers may bring the market in and then to look for some bids to hold up this rally. The last hour of yesterday, the sellers brought their "A" game. They did what has been working for the last 12 months. The volume of selling in the last hour was a good attempt to break the market again. It didn't take long for the buyers to charge back and then some on the close. I think this could be a first shot across the bow of the sellers that there is some cash out there ready to come in for some more.
The "dead cat" may still have some bounce in it based on today's reversal of fortune for the shorties. Near term, we are watching the SPY to target 80.00
Here is a visual reference to the sellers hitting the wall today...
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment