Rally Stalling Out
The short-term bottom that formed on July 17 and the rally the following day were marked by incredible volume and by a convincing breadth reversal. Since then, volume has trailed off quite a bit (as you would expect). More importantly, even though the indexes have rallied up this morning off of their premarket lows, breadth has turned quiet negative, and the $TRIN, $TICK, and put/call readings are all flat-to-uninspiring. We suppose the key question here is whether the markets will…
Tuesday, July 22, 2008
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