What is this? Two days in a row where the market is down? Can’t be! Impossible! But it is true. Unfortunately (you can see where my loyalties lie), the bears are unable to accentuate these days with any type of authority. Instead, the lows are hit in the early going, only to see the bulls rally somewhat off of those lows, so that the damage isn’t so bad. While we didn’t have a significant rally off of the lows today, there was a small rally nonetheless, and it just goes to show that the bulls are not willing to rollover dead just yet.
For the bears to really stick it to these bulls, they need a solid convincing day in which we close at the lows on high volume – throw in an intra-day reversal from the day’s highs and you have yourself a nice thanksgiving recipe for bull-stew. Instead all we get is the bulls finding a way to hang on long enough for them to rally the following day or day after that. I am nowhere near convinced, that the market is turning in the favor of the bears at this moment. I need to see some more aggressive selling taking place.
Here’s the S&P and Nasdaq charts…
