The bears finally had their day with some convincing follow through. We always knew that a pullback was inevitable the warning signs of exhaustion have been there along with a complete lack of setups the past 10 days. So Bob The bear and his friends had their day while Bulls sat back most of the day and did nothing, maybe got stopped out of a few stocks while they sit happy with all their profits the past few months. Its been a confluence of factors from slowing china growth, overbought market, blah blah blah. Tomorrow is a key day the bears really need to show some follow through and take this market down a bit. The russell2k broke the 50dma today and 1 more big flush and the s&p will test it too. Then we will see whats up…. if the bulls come in tomorrow and run this market then we might have just seen the dip that everyone has been looking for. Im not sure yet either way I dont have a particular bias.
We had a hot day in the boom room with some real nice rips in the a.m on some early buys in $alim (4.48 and doubled up at 4.7) $vrml at 2.01 $pcx at 6.30 There was some good action in certain sectors today. Bio’s might have a bit more heat in it
If you missed mb’s latest blog https://bullsonwallstreet.com/2012/03/paralysis-of-analysis/
[screencast url=”http://screencast.com/t/7Btbz0TmilR” width=”” height=””]
Here is todays video:
[screencast url=”http://screencast.com/t/ahPXaF7m” width=”” height=””]
[screencast url=”http://screencast.com/t/ucCT9SnYc” width=”” height=””]
