The bulls didn’t have the muscle as traders took profits. And, well they should. Markets closed down about 2%, oil off 4%, bonds up.
Now we hope for no follow-through day on Monday. But profit taking never made a man poor and as the world rotates from buy-n-hold to trading we live with days like this.
There were quite a few hoping the last hour would see some buying. And it did, but not enough to overcome the downward momentum.
All is not lost. The bias is still up; until it isn’t. So, it remains a one-day-at-a-time market.
You may want to tune in Dylan Rattigan this evening on CNBC. He reportedly quit last night so this will be his last show. Supposedly he was in line for the late night NBC show but Jimmy Fallon got it. And, he has been fighting with the senior producer of CNBC. Good luck, Dylan.
