Today the bulls showed sign on weakness, we had BAC to add 2B into CFC news, future was up 8.2 for S&P and oversea markets again were very strong, and yet the bulls could not maintain the gain and finished lower in Nasdaq and flat in Dow.
- This maybe a break for the bulls before the next leg up.
- I think this is likely a reversal day for the short term bounce and we'll head lower to test 1400.
- Since we started the sell off recently, last Friday is the first time we had a strong Friday finish in 6 trials. Tomorrow is another day to see if bulls are strong or bears regain the control.
- I expect we head lower.
- Again not a time to chase long positions here.
- The fed will likely to be forced to cut rate, and that can only happen if we have more bad news coming, with market touches new low.
- If the market holds well, I don't see Fed can cut rate.
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