About Shark Watch
Tuesday, June 24 - 4:17 PM
Although the market was able to bounce following a pretty ugly start to the day, the bulls were never really able to get anything of substance going and the result was a quick trip back into negative territory. The point losses in the indices weren’t all that bad, but when you consider that the only action to the upside came in the sectors which have taken absolute beatings lately, it’s hard to get too excited about what passed today as leadership.
Still, even though the action was weak, it did leave the possibility of a Fed-induced spike on the table for tomorrow. However, as we pointed out earlier today, any oversold bounce at this point will only give the bears an opportunity to reload their downside bets. The bottom line, then, is that we need to stay focused on the fact that this market is in a nasty downtrend, and any action to the upside should be treated for what it is: a counter trend rally that should not be expected to last.
Have a great evening and we will see you tomorrow.