Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
There are a lot of stocks out there taking 4, 5, 6% type of losses but the indexes are hiding it pretty well. The S&P 500 fell to lows seen late yesterday afternoon before that mystery buyer came in heavy to spike the market, and has of course bounced. Essentially this is the 10 day moving average that buyers keep defending. While this is a minor loss in the index, breadth stunk yesterday (2:1 negative) and I’d assume from my watch lists can’t be much better today. A break of these lows around 1340-1341 would be something to change character…that Apple reversal is also not something to brush off.
Until dip buyers get punished they will continue doing their thing but it’s not the ‘easy tape’ it was a month ago. Have seen a lot of ugly reversals both yesterday and today.
Still not *one* 1% drop in 2012 on the S&P 500.
Disclosure Notice
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
