At this point in time, the opening bell's strength is starting to dissipate. It will be interesting to see if we can even close in the green. A strong close at this point would signal the start of a new leg in the rally. Most likely, we will be trading sideways for a bit before a clear direction becomes evident.
One indicator that may hinder a new rally is the VIX. It is holding onto support at its 200 day MA. Only a powerful catalyst would allow the VIX to be pushed below this support line. It would also take a great deal of institutional buying pressure to keep it under that level long enough for us to experience a rally.
Watching: FVE, GMCR
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