After last week, the market seems to have found a base. The bears have run for cover for the moment and we're seeing a general recovery in Europe, which is gathering a little bit of momentum. The oversold condition in the markets is now being unwound. |
So long as there are no more major skeletons to come out, we may have reached a low point. The recovery will be stuttering but the market will regain its composure. |
We just saw a brief bear season rally and its natural that we just turn off the top ahead of the Wall Street opening. Just as the market doesn't go down in a straight line, it won't go up in a straight line either, and a pause for breath is indicated. |