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May 23, 2008

Morning Action

Some quick thoughts this morning... Stocks broke lower, as expected. However, the S&P is now sitting on potentially strong support in the low 1380s. Short term indicators are also stretched. I'd give better than even odds on at least a mild bounce here. What happens here will be a telltale sign of what is to come. If the market is, indeed, undergoing just a correction of the rally from March, it should be strong enough to muster a bounce from here. On the other hand, if this support level fails on the first attack, bulls are going to have to seriously rethink their positions.

 

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