Inside Day on Broad Markets

day_trader's picture
May 22, 2008 by day_trader

There is not much to update today as far as the broad market is concerned.  We saw an inside day, which can be characterized as a trading session in which the high and the low of the previous day are not violated.  This basically means that NOTHING happened today.  However, the ability for the markets to muster a decent rally is a cause of concern for the bulls.  I still believe that we are heading another 2 to 3% lower on the markets in general before a bounce of any significance can be expected.