About the only thing positive to say about today’s trading session is that the volume was actually quite light. Other than that, though, the market kicked off the new month on a decidedly downbeat note. Of course, after five straight days of gains on decreasing volume which had taken the major indices straight into overhead resistance, it’s not surprising at all to see some selling, but the absence of any selling pressure last week was replaced by a complete lack of any buying all day long. I for one (stupidly) thought that this cascading - type action in the last hour or so was over. Uh, no.
The action for most of the day made it clear that what we saw last week was nothing more than your standard bear market bounce, but it really started getting ugly in the final hour when the bottom simply fell out. Although, we are still well above the lows from two Thursdays ago, almost all of last week’s gains have been completely erased. Time and price, I guess.
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