Tuesday, May 25, 2010

Too Calm

I've never seen a lasting bottom occur when things were so calm despite continued weakness.  On Fast Money Halftime Report, I didn't see much fear, traders were looking for bargains and happy that 1040 held.  Maybe we can go up a bit from here.  But if we go up from here, I think it will be another rally that is sold, probably around 1070.  1015-1020 needs to be tested before we get a sustained bounce.  If we fail at 1015, then 980 is in the cards. 

2 comments:

Anonymous said...

Well, we're are firming.

Is the market doing what it did in February?

Market Owl said...

This decline is much deeper and seems like it will last longer.