Wednesday, May 23, 2012

reassuring action today

The action of the market was reassuring today.  We spent the morning falling aggressively, and the most of the latter part of the day reversing that down move and closed with a slight gain.  This action was VERY constructive and a good start to a new rally attempt.

Tomorrow and the next few days if we can continue this strength ... I might just change my previous negative bias. 

One day's strength does not make a trend change, but certainly this is one of the first days I have seen some real interest in buying.  Volume was decent in the general markets, not great, but encouraging. 

Too early to decide if we go up from here, but I certainly am more much less bearish today than yesterday.  Caution is still very much warranted at this point.

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