CHESSNOID

The market is down 2 days in a row as of this morning.  The intensity of the swing is what makes it unusual.  We have been having 1-2% moves each day in the 3 indexes.  This is definitely shaking out your more conservative investors.  If the market is down today, we will probably have a bounce on Monday.  These pullbacks are usually healthy consolidations that must take place in order for the market to move up.  The question is usually how long will it take the market to make that move.  Only a month ago, the DJIA touched the 14,000 mark and the S&P hit a milestone at 1555.  The Nasdaq didn’t come anywhere near its record, but it did make a new 52 week high of 2724.

I have noticed a pattern that at about 11am either buyers or buying programs trigger and we get a boost in the market.  Let us see if this holds true for today in this seller’s market.