Dr.Brett and the rest of the analysts yesterday agreed on that the market is still strong and all the market internals are indicating towards a stronger market. I agree with them, the longer term picture is still bullish but, all of the indicators they use are lagging indicators. They wont show weakness till it actually occurs. What happened today can be a shake out of weak traders so that the big boys can buy their stocks at more attractive levels and the market reverses (cause what happened today was based on news) OR the market is actually weak and everyone was busy selling and we are set for a medium term correction so that bulls can start accumulating again later as they recharge themselves for the next push up.
As far as am concerned these are the likely scenarios but based on what I saw I am now BEARISH! till proven otherwise as evidenced by the charts.
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