Monday’s market action was solid enough to move the markets back into a confirmed uptrend. That lasted all of one day. Wednesday’s sell-off put the market uptrends back under pressure. All the indexes were down more than 3.5%…the NYSE composite slid 4.1%!
Market action such as this can drive a mid-term investor crazy. If you’re young and looking 30 years out, this is just a small hiccup. If you’re trades are less than a month, you’re probably enjoying the large moves. Anywhere in between and you’re probably reaching for the Pepto.
One more day like Wednesday will probably be enough to derail the latest rally attempt. Only the strongest rally recovers from 5-6 distribution days, and the Nasdaq and S&P500 sit at 5 and 4, respectively.
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