It was a disappointing day for the Bulls. I came in today looking for an excuse to buy equities — and I never got it.
As noted in the Smithers piece, markets may be due for bounce — he thinks due to buybacks, I think due to oversold conditions.
The inability to maintain a strong opening, despite the deep discount from a month ago and the oversold condition makes me wonder if there isn’t more weakness to come.
Bottom line: I did not see any reason to buy ’em here yet.
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