The market was all over the place on Tuesday, but ended up the trading session with gains on the day.
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It's hard to say if the worse is over for now. I'm thinking we revisit the lows at the least.
Heading into Wednesday, the OEX is neutral. The CBOE remains pretty bearish. Breadth bounced, but is still quite negative. My intermediate term system shows signals that are low enough to look for a bottom.
Volatility will likely remain with us for the time being. The economic recovery is still moving forward, though that doesn't mean much to the powers that be. I would like to think that the sell-off will eventually be met with significant buying pressure as I don't think the Fed holds all of the cards like they once did.
I remain long for now.
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