As I write two hours into the session, the internals of the market are weak. Advances on the NYSE are 588, declines are 2446. New highs 35, new lows are 240. Very weak internals. But the Dow is down only 18. I view the Dow as the general, and I view the internals as the soldiers. It's always a test of whether the general or the soldiers are the stronger.
Today with the soldiers very weak, they have not yet been able to drag the Dow down more than about 22 points. If the Dow resists sinking into a MAJOR decline, it will keep the soldiers from embarking on an all-out collapse. The fact that the weak soldiers today are not (yet) pulling the Dow down substantially, is a plus for the market. Evidently, someone is buying the Dow stocks on dips.
In the background and always on my mind is the megaphone ... Log in or subscribe to continue reading.
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