With Memorial day approaching, a market stretched, and a lot of poorly positioned longs and shorts, we have a volatile mix in front of us. Volume will be worthless as a read the next few days and the trading could be choppy as the programs do their thing.
I was looking for a pullback this week but the dip buyers are on the watch and they are not allowing these initial dips to go very far before they get to work. Some backfilling is due but yesterday's meek attempt to move lower probably has more folks wondering if lower is even possible anymore. Three short weeks ago, they wondered if higher was possible, now it's the opposite.
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