I do think that this oversold bounce doesn't have much to it; we're reaching overbought levels fairly quickly in a lot of the major indices, |
I'm looking for more of a pullback after today, |
I'm looking for more of a pullback after today. I think you've easily got 4 or 5 percent more on the downside as part of the correction that started Wednesday. |
It appears that we've initiated a pullback phase or a correction phase. A lot of people are talking about the dollar, but people were talking about it last week as well, |
Last week's action was promising, but it is still too early to call for a bullish turnaround in the broader market, |
Last week's action was promising, but it is still too early to call for a bullish turnaround in the broader market. |
More importantly it's names like Wal-Mart. [Wal-Mart] is a sentiment indicator for the whole retail sector. |
The market is simply digesting those gains, |
The most recent push to new highs was with far less momentum than what we saw earlier in the advance. |
We may have another couple of days, or a week left of this counter trend move, but it's within the framework of an intermediate trend downward. |
We're a lot of positive short- and long-term momentum that began on Monday when oil broke through a key technical level, ... The EIA report helped draw attention to this. |
We've had a nice run off of late-April's lows and the market is digesting these gains. We'll probably start moving to the downside next week. |