4th straight day of losses
Market was down 4th day in a row. A small attempt at bounce early was quickly met with selling and the market spent rest of the day selling off. However in breadth term it was not a very high intensity selling.
The absence of high intensity selling during this correction may be a sign of no hurry on part of big investors to hit exit button. That also indicates likelihood of the market making another attempt at new high after digesting these gains.
If the low intensity selling continues it points to a more orderly pullback near high and may not be a bad idea. It will allow the market to setup in last quarter to make a high.
In this market the bears have had hard time sustaining a big down trend. So we will see how it goes. The focus should be on stocks holding up well and forming nice setups during this correction.
The absence of high intensity selling during this correction may be a sign of no hurry on part of big investors to hit exit button. That also indicates likelihood of the market making another attempt at new high after digesting these gains.
If the low intensity selling continues it points to a more orderly pullback near high and may not be a bad idea. It will allow the market to setup in last quarter to make a high.
In this market the bears have had hard time sustaining a big down trend. So we will see how it goes. The focus should be on stocks holding up well and forming nice setups during this correction.
Posts
No comments:
Post a Comment