We Dipped, Then Got Bought…a Little

10-minute chart

It was a soft open, down about 23 handles, then some buyers stepped in around lunchtime and started nibbling some of the dip. The S&P closed down 12 but 13 handles off the day’s lows.

There weren’t any one-day wonders like IBM, CAT or MMM to save the day today, but a selloff is good. I would actually love to see  3-4% down from here just to shake out some weak holders and give us some better setups.

How can you justify chasing a parabolic Dow Jones like we are seeing right now?  This is still the kind of market though that could be up 1.5%% tomorrow.  No scary sell signals yet, so keep the faith.

Biotech (XBI) continues to misbehave.  Today it broke its 50-day simple moving average.  Yesterday it closed a nickel above it, so it better gets its act together soon.

Tomorrow, after 50 years, the JFK assassination files will finally be released for public viewing.  Maybe we will find out if Giancana and the Chicago mob, Castro, the CIA, the  Bilderbergs or the Illuminati had a hand in this one.  We still may never know if Oswald acted alone.

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