Market Rally Is Tenuous

The price action since August has not been strong. Trend is higher, buy dips.

PRE-OPEN MARKET COMMENTS WEDNESDAY - The first sentence in my comments yesterday was "don't chase higher opens". The odds of a reversal were high. Be patient and wait for a dip and signs of support. The last month I've sounded like a broken record and this theme has been repeated over and over. The dips since August have been fairly deep and the rebounds have featured light volume and mixed overlapping candles. That is a sign that the market is NOT going anywhere fast. There is no reason to chase stocks.

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