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Ol' Faithful Bounce Lacking Steam

By Rev Shark

 About this article:
 As the day winds down, the key issue is what happens with the late-day bounce. You know we will at least try to bounce. It has been too reliable of a pattern for too long for the traders not to at least try, but the issue is whether the ugly action today is giving the bears the confidence to sell into an upward spike. Typically once a bounce start to gain a little traction the bulls have just run over the bears and squeezed the shorts. Today is a bit different because the selling has been more intense. I'm seeing a lot of very big percentage pullbacks, breaking of some support levels and no safe havens at all. The underlying action seems to indicate that confidence is waning and that is what made those late-day spikes so reliable and so powerful. I have my eye...

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