Not That Easy
It never is.
From Deron Wagner this morning:
Over the past two days, the major indices have unconvincingly attempted to rally off their intraday lows of July 8. However, despite the recovery attempt, the S&P and Dow remain below the “necklines” of their bearish “head and shoulders” patterns we’ve been discussing over the past two weeks. Therefore, overall price action of the past two days has simply been “noise” within the context of a bearish, intermediate-term pattern that’s trying to work itself out. Nevertheless, it would be foolish to assume the stock market will smoothly follow-through in a developing downtrend, without the occasional aberration that sends the bears scurrying. Quarterly earnings season, which kicks into high gear next week, will undoubtedly add another level of volatility to the market.
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