The steep sell down on Mon. of this week did wipe out the hefty
short term overbought. It is interesting that we have had "dip"
buyers in the aftermath, as there is rarely a shortage of guys who
say they will buy a dip, but do not. Volume has been light. The beach
days have arrived.
The market remains overbought looking out 30 days and longer, so
it is unclear whether the recent dip marked but a way station on the
way higher. Traders will be watching to see whether the current
bounce off the Mon. low carries to a new rally high and beyond with
any conviction.
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