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| I agree with everything that you wrote, but it just doesn't seem that this market wants to sell off. From late November to just 1 week ago, we saw maybe 3 minimally down days. The last week has been driven entirely by other economic factors, namely the DJIA which seems to be stabalizing. I wouldn't be at all surprised to see every bit of yesterday's loss come back today. Electronic trading already suggests that over 1/2 of it will come back at the open. For me to be convinced that we are starting a downward trend, I will have to see several days of lower closes. My hunch is (and I have been wrong before) that we won't see this. | |
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