The market took a nasty dive on Monday in the second half of trading as the bears did some damage. The bulls were close to breaking out of the current 3-week trading range but the bears made a stand and fired back with a big day to push support. We have warned volatility could pick up in the coming weeks and Monday’s action was serious as the bears cracked support.
There were numerous times in 2013 when the market appeared that it was going to correct but didn’t and one day doesn’t make a trend. However, our last words on Sunday night and ahead of Monday’s open were that that the bears needed to be respected. (continued…)
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