The market continues to pullback. The 50 % plus in month readings on Market Monitor continue to be elevated and that probably indicates more selling pressure or sideways move for sometime. Till now it is a orderly pullback. We are yet to see 300 plus down day.
Yesterday the bullish to bearish breakout ration was 115/202 , indicating buyers were still active in the market. It is still caution time for those holding positions which have moved 30 plus in last one month, especially if such move is in stocks up 100% plus. Being selective with new buys is the key in this market.
With three days of weakness, dip buyers should show up soon. This market has a history of bouncing back from such weaknesses.