A Speculator's Bounce Looks Likely By Dick Arms About this article: A great deal of volatility is developing in the markets, but that does not mean a great deal of progress, either up or down. However, the wide swings day-to-day, and even intraday, in the last few sessions have added up a continuation of the downtrend that began in mid-October. In the S&P 500 we have broken the uptrend line, going all the way back to the March low; this says that a major change has occurred. The uptrend has now become a sideways area. So, on a longer-term basis it is not a time to be a buyer. But, as can be seen on the first chart below, we are getting close to the early October support level. The fact we are nearing that support implies a bounce in the offing, and probably a big enough bounce to justify long positions, but only on a more... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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