Be Wary of a Bounce?

In my last post - Critical Juncture - I said

While I don't think I would consider my self a bull, I have learned to respect momentum as it can much further than what seems reasonable. A breakout seems to be what the bulls should be salivating for...This also raises the very interesting question of what would happen if the bulls couldn't force a run here...

Those following the action of the last couple of weeks know what happened. The broad market indices consolidated above support and then plunged through.

One of the points I have learned in dealing with the market is to pay special attention when the market does the opposite of what seems "obvious.

In other words, the bulls had nearly everything they could want in terms of technical set-up yet selling pressure still dominated. If the bulls can rally when things look good, you have to wary about bounces...