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A Good Setup for Bears

By Rev Shark

 About this article:
 Despite the drama over the rather poor jobs report this morning, it ended up being a very boring day of trading. The indices were up a minor amount, but breadth was negative and volume very light. A number of bulls were encouraged by the action and argued that if the bears couldn't pressure the market more given the poor jobs data, particularly the 10.2% unemployment rate, then they obviously have little firepower. In view of how the market has had a tendency for many months to keep on going once it starts to bounce back up, it is difficult to dismiss the optimistic spin on the action. The bears, on the other hand, argue that the market has bounced back five days in a row and is now running into overhead resistance. While the bulls did a nice job of holding things up today, there is...

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