although the selling pressures that we saw yesterday afternoon didn’t really carry over into today’s session, it wasn’t really a vigorous bounce. the only sectors to see any real buying interest were (surprise) materials and energy. meanwhile, the other major S&P sectors didn’t do much of anything, expect for financials, which had yet another ugly day.
there are still plenty of folks who are anxious about missing out on what has been an impressive move off the lows of march, but remember, we are still possibly in a primary downtrend, and they won’t be as eager to pile in once the upside momentum cools.
i'm neither tremendously optimistic nor really pessmistic of this market right now. i'm not sure if this market is going to roll back over, but it wouldn't surprise me if it did.