I did not care for today's action at all. When an extended market starts giving up large gains in the afternoon, it is usually not a good sign. The other side of that coin is that the market did dig in its heels and refused to collapse. So is this a one day story, or the start of something bigger?
Another thing I did not like was the fact that about 25% of the NYSE's total volume came from only three stocks, FRE, FNM and Citibank, none of which are market leaders!
Asia has opened down, so we are getting no comfort there. However, Asian markets are not getting hit too hard, so perhaps this is a little consolidation after yesterday's big gains.
Today did not definitely end the rally in my opinion, but it sure did curb my enthusiasm a bit.
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