Friday, October 16, 2009

Looking for the pullback

I just viewed some CNBC and people are still looking for that pullback. That is not something I wanted to hear. There is still not much enthusiasm for this rally. Despite the low put call ratios.
What seems to be happening is that we're grinding higher due to a lack of sellers, not a bunch of buyers. Thus the low volume up move.
We need to see that high volume high energy trade intraday to mark a turn. Until that happens, a slow grind higher is the most likely scenario, with perhaps 1 or 2 day dips, even with the ridiculously low put call ratios.

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