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Beware the Undertow

By Rev Shark

 About this article:
 I have to head out early to a doctor's appointment and will miss the final minutes of trading, but it looks as though the bulls are pushing for some upside. They may succeed for a bit, but the mood of this market has changed quite a bit over the past week or so, and I look for the bounces to be sold rather than embraced. The skittish shorts may be squeezed a bit as well, but I look for more aggressive sellers to be lurking above, much as the dip-buyers were lurking under this market for so long during the uptrend off the March low. It has been a very deceptive day, with the senior indices looking much better than the overall market. Small-caps are not acting well, and breadth has stayed close to 2-to-1 negative. Retail and biotechnology are leading, but it is disappointing that...

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