Selling Will Last Longer Today

Buyers had their chance yesterday and they will be more cautious today. Don't expect the same early bounce and be more patient with longs this morning.

PRE-OPEN MARKET COMMENTS FRIDAY – The market rally got over-extended last week and now we are seeing profit taking. The high from a week ago has been slapped down and the open from that candle (key bar) has failed. That retracement came in a matter of days and that speed tells us to be patient. Let this pullback continue. As long as the volume remains light, I view this as a normal pullback in the context a longer term up trend.

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