Today was a lip smacker for those starving bears who have been calling a rally top for a couple of months now, but is it the real deal or will buyers step back in as in the past ? I felt a September chill today as the decline kept up even though manufacturing numbers were decent. Worries about banks and their profits ruled the day and dominated the airwaves. Seems like every one and their bear says this is a no brainer correction.
From a TA standpoint tomorrow will tell the tale as we only got a partial sell signal,but what is more important is going back to June,any correction/dip didn't last more than 4 points max on the SPY index and today was a 4 pointer going back a few days so a mini pullback has happened.
As I have always stated,I won't underestimate the magical bull money that props up this market and sends those bears back to their caves.
For those who missed my new pick , V.COO.P closed at 56 cents today, up from the 40 cent range you have picked up shares at a week back. Good luck to those who jumped in, I'm thinking $1 could be feasible given some time to develop.
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