By: Scott Redler
If yesterday’s bounce into today’s up open was the counter-trend move or “oversold bounce” then this market is in some big trouble. Early on, the market feels very heavy–Qualcomm (QCOM), Motorola (MOT), Apple (AAPL), Potash (POT), Google (GOOG) and the commodities are all having their early troubles.
The line in the sand to keep this range in tact is 1,083-1,085. So far this morning, that area is holding, so there is some cause for optimism. Under that area, 1,072 is the next support zone and a 10% correction would take us to 1,040.
