Wednesday, April 9, 2008

the market for wed., 4/9/08

the complete lack of volume and positive news over the past several days caught up with the market today, and even though we finished off the lows of the session, the dip buyers spent the day camped out on the sidelines.

for those that believe in them, the ability of this market to hold above key technical levels despite the negative news flow has been encouraging, but the absence of anything really positive has started to take its toll on investor sentiment, and the dip buyers who have been supporting this market look to be starting to sit on their hands.

the bottom line is that the bounce that began last tuesday isn’t dead, but it won’t be long before the selling picks up as we drift lower. hopefully, the calculus between earnings, expectations and reactions will give this market some juice, but we’ll just have to wait to see how that plays out.

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