Damaged but not broken

The much anticipated pullback has come after several days of creeping moves in indexes. It took out gains of several days and many stocks experienced shakeouts or reversal. But beyond that it is too early to declare the rally dead. There will be bounces and attempts at recapturing the high.

A 3 to 5% correction or several weeks of range bound action might be good. As of now let us see how aggressive are the dip buyers at these levels.

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