Waiting For The Bell

The pullback that everyone was waiting for finally came today. The characteristic of this pullback reminded me of a bunch of elementary school kids standing near the class room door waiting for the recess bell to ring. Within minute after the bell ring, the class room is almost empty of school kids. This is what happen today, within the first 1 1/2 hours of trading, most of the day's losses were putted in. If you were lucky and your stocks did not have a big gap down on the opening, then you might still be able to salvage most of your profits. There was no midday rally at all. It was a day of fading to the low. The quick and dramatic pullback should raise caution. Need to watch how the market test for supports in the coming days to determine if this bear market rally is over or this is just a pullback within the bear market rally.

Here is the intraday 15 minutes chart for the DJI, SP500 & Nasdaq 100: