The market is looking for support to bounce, but is still struggling and range-bound on the day. My primary concern going into the p.m. session is the sudden rise in inter-security cross-correlations. Watch that ICJ index closely.
Looking for Buyers
The pattern of early bounce attempt and weak closes continued today. We haven’t had a strong finish since late April, and that is just the opposite of what we saw in the first quarter when we went up daily.
We were oversold and ripe for a bounce, but after two brief attempts, Greece and Europe news hit again. Closing at a new low with more European debt issues flaring up will discourage a lot of new buyers, but we are again presented with an opportunity for a bounce. Many had complaint about the nonstop bullish action to start the year, now we are finally getting that pullback. Will the buyers step up?
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Cross Correlations Rising
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