The buy the dips bull machine is back, albeit a little chastened. Equity bulls are breathing a little easier and they can thank the weather forecast and lower oil. It was quite surprising not to see NQ hit S1 and 20 DMA around 1718, but this heavy bid at any lows is becoming routine. But bulls should be very careful as we are also seeing some end of month adjustments which tend to be artificially supportive and some hedgies could very well be waiting for the right entry to sell this bloated market.
This entry was posted
on Monday, October 30, 2006 at 10:59 AM.
