The flat-to-down action today is helping this market consolidate gains. Some of the extended names like JDSU and FNSR saw some decent-sized pullbacks. I thought the after hour action yesterday felt unusual despite the Fedex guide down. It felt like option games are being played to keep SPY at 133. I have read several articles calling the drop today as “nothing wrong” and the uptrend is still intact. If not for QE2, I would be worried. The buyers have consistently come roaring back ever since the bottom in March 2009, so we have to give the bulls a few more days to prove themselves. ***Forgot to mention we have gap down 5 day straight, are we due a rocket launch gap up?
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