Friday, July 20, 2012
Bumpy summer rally...hints of trouble?
Expecting a good rally from the medium term buy levels from mid to late May thus far have been a bumpy road up. Not the kind of rally I was expecting as this is usually hints of lack of strength. Today the market has pulled back and if it doesn't recover back higher soon then I would expect a larger correction back toward range of the May lows.
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The stock market has since sold off into Tuesday and looked to fall even more on Wednesday based on Apple's disappointing earnings report. At the same time the the market is short term oversold, so I was looking to enter some short term buys this morning but the market was up a little at the open. I waited for about an hour as the rally faded before getting my buy positions. Will see this as a short term move higher but I expect the market to move back lower toward the June summer lows for an eventual bottom. --- JimmyC
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