ajtj99's Market Pulse

[Justa Werkenstiff]

Market: I said this as the big run today began: "Bounce off the lows here and guess what? It is bearish if it sticks and we do not close at or near the lows. It will just prolong the process and lead to even lower lows imo."

I maintain this view. Much of the short term sentiment fear factor was used up on the rebound. Fear has declined 32% over yesterday's close with a nasdaq decline of 5 points today. That is not the stuff of sustainable rallies. You want fear on the way up. Not happening here. All this means is that we are not going anywhere on the upside until a downside resolution is found sometime in the future. Any rally seems to bring out the bottom pickers and people get too bullish too fast. Today is a prime example.