Pullback time | stockbee

8/24/2007

Pullback time

Last week panic buy set up is now witnessing profit taking. As we continue to be in confirmed downtrend as per 65 day bull-bear ratio, rallies like we witnessed in past couple of days will be more tactical plays. From this level we might test and retest the panic low.

8 comments:

Semsons said...

no pullback yet,
I'm afraid I'm missing the beginning of the rally. Let's see what happens next week.

Mkt swimmer said...

My new poll is up. Please take a look.

Have a nice weekend,

Mkt Swimmer

Stock Market Detective (SMD) said...
This comment has been removed by the author.
christmasfern said...

The banks are acting badly again, as are the small caps. This is the type of action that preceded the fall from the July highs. I think given the circumstances, the lack of leadership in banks is definatly not a good sign.

I believe we will see a move down here just to scare everyone again.

The bottom could still be in but the DOW is 900 pts above the low now. A retest is quite a long way down.

market operator said...

It worries me when EVERYONE is expecting a pullback....

F-Trader said...

When everyone expects a pullback, there are a lot of stops set above the market and they get taken out most often. However, this does not mean that it's a good time to buy because the market will usually reverse quickly and violently as soon as those stop runs stop pushing higher.

Mkt swimmer said...

Maybe everybody is looking for a pull back, the market will not pull back, but the low volume worries me. See more comments on my blog.

Thanks,

Swimmer

F. said...

Low volume is to be expected this time of year. Friday's action was pretty bullish though for the short-term trend.