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Buyers Nibbling, Sellers Exhausted?
The good news is the Dow and other large indices cut their losses in half for the session but the last hour of trading is more critical. I think the bias is still to the downside. That being said, the orderly nature of the selling today and the last two weeks underscores a lack of panic even though the frustration is clear.
If the market turns higher today it would be a major victory and buy signal.
I must admit the damage in financials has been particularly compelling including an array of downgrades including a ‘sell’ rating on Morgan Stanley this morning. I get where some experts think bond yields are sending the wrong signals but I think they’re wrong- again. Regulatory relief and lower taxes happen although not as fast as hoped (to a degree always unrealistic). The Street loses its cool a lot faster than non-professionals.
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