Market Gap Down – Buy?

Bullish speculators are conditioned to buy dips. I would be careful with this one. Here's why.

PRE-OPEN MARKET COMMENTS THURSDAY – The market is bumping up against major horizontal resistance. This light volume bounce is 10% off of the low from March. It will need a catalyst to push it through on heavy volume. Earnings season could be that driver, but I doubt it. I still believe the market needs to spend time in the range and earnings need to catch up to valuations. Asset Managers are not aggressively buying and that is why the volume is so light.

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