Markets fell Tuesday finishing upon their lows. A look at the major averages intraday charts from the afternoon on look like a nice ski slope with the periodic mogul every 20 minutes or so . Never knew bears were so agile, and adept skiers. For the fourth consecutive day the S&P 500 opened up and closed near their lows. It lost ground for the fourth consecutive day and pierced the big 1700 number. The Nasdaq ended up slightly, with that 3800 becoming problematic. Hallmark bearish activity. Volume that was absent as it normally is in the summer months, is starting to creep its way back in the past week or so which is troublesome too. The weak dollar can not be aiding this market. Blah blah blah they help exports. Give me King Dollar. We spoke last week about how the UUP fell from a descending triangle pattern, and is currently “pulling back” into resistance, and will probably be halted near the 21.90 level. Remember “history” in the stock market does not repeat itself, but it rhymes. When this long uptrend began a few years back banks were hesitant to move in unison. Many doubted the rally because of it, and who knows what their tombstones read. Although the market does seem as it is behaving more fragile, it can proceed north without the group as it has done so before. How big will the deposits be going forward, pun intended, after a very nice start for the indexes in 2013? Or will their be a “run” on the benchmarks faltering into year end?
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