Dip-Buyers Save the Day

By

James "Rev Shark" DePorre

 | Jul 10, 2014 | 4:22 PM EDT
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The bulls are claiming a moral victory as the market bounced strongly following the gap down open, but it still was a clear victory for the bears. The indices were solid red with iShares Russell 200 (IWM) leading to the downside. Breadth improved from nearly a 10 to 1 negative reading to start the day but still saw only 1,600 gainers to 4,120 decliners. All major sectors except precious metals were negative.

Although the market recovered during the day, the fact that Wednesday's bounce failed so quickly and completely is a concern. That is a shift from the normal pattern of a couple of days of selling followed by an easy and complete recovery. The fact that there is still such strong dip-buying is a major positive, but they are using up their ammunition on days like this and slowly losing energy....1183 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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