Thursday, August 2, 2007

It's Quiet

As I predicted yesterday, I think that huge run-up at the end of the day took the juice out of this market for at least a little while.

This morning, we are witnessing a tug of war between the bulls and the bears with neither side really gaining an edge. For now, with the Dow up 30 points, you have to hand it to the bulls because the market digested the huge afternoon run from yesterday and is holding on.

However, volume is currently running at lower levels than it did yesterday, so conviction to the upside may be lacking. Time will tell.

I'd be very surprised if we didn't see the market take a dip at some point to test yesterday's rally.

As for my trading, I've made a good chunk of yesterday back and I'm watching to see if we can break out of this tight morning range one way or the other.

NOTE: Dylan Ratigan just schooled Herb Greenberg... nice!

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