Wednesday, December 14, 2011

Modest recovery after the decline today

Although the morning low for the market did not turn out to be the low for the full day, the market did manage to rise in the last 45 minutes of trading and close a few points above that morning low. That's not super-fantastic news, but it does prove that the sharp decline in the morning was a rather weak, narrow, and technical correction rather than an all-out "rout."
 
Traders and short-term speculators will continuing "testing" and probing the market for renewed weakness (or strength) in the days ahead.
 
The sharp declines of the past three days are kind of normal when the market has an unclear or weak trend and do not tell us definitively whether further declines or a rebound will be seen in the coming days.

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