We May See a Bounce, But How Strong?w

Buyers have been stepping in at support and nibbling away at the dips. The market does appear to be gearing up for some more upside. What has been troubling lately though is the fact that every time a stock or an index appears to be making some headway profit takers come in and chop the legs out from under the move. Many commentators are blaming program trading for this type of behavior. If so, this would be indicative of smart money taking money off the table into the rallies, or subtle distribution. There are small pockets of opportunity out there, but this is really just not a good time to be getting agressive.