Yesterday was a rather ugly day as traders once sold good news -- and there was huge volume into the close. Financials were hard-hit as folks showed their concerns about the real health of banks. Commodities go hit with the exception of precious metals. And while the S&P 500 remains in its uptrend, this was still all of this action was worrisome for the Bulls.
At Hill And Street News, we have had an uneasy feeling about the market for weeks. We believed that at minimum, the market needed desperately to consolidate. But we have also been concerned about economic problems that remain unsolved.
Is this the consolidation that we have needed -- some profit-taking was destined to happen. Or is the market actually showing some more serious deterioration here? The huge volume off highs hints at institutional selling which is a bit worrisome. But technically the market is still in an uptrend.
We still believe that any moves should be small as we wait for better signals of where the market will go from here. Be careful!
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