For Immediate Release
Chicago, IL – 03/23/2012 – Zacks highlights commentary from People and Picks Trader “inthemoneystocks”.
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Market Analysis: "Buy the Dip" Trying, But Weaker
After a substantial morning sell off, the markets are trying to bounce back. This is the classic "buy the dip" mentality that still prevails in this market. This shows us there is still retail money clamoring to buy as the institutions distribute.
Overnight, China PMI data hit the futures hard. With Europe still a mess and China slowing drastically, the outlook for the U.S. economy is getting clouded. Institutions understand this and are selling slowly as the retail investor is buying.
Retail, amateurs always buy the tops and sell the bottoms. The SPDR S&P 500 ETF ( SPY) is trading at $139.23, -0.93 (-0.66%). While still lower, the SPY had been down to $138.75. This is a $0.50 bounce from the lows, all since 11am ET.
While the top in this market is clearly being formed, the bullish sentiment is so strong that the dips are still being bought. However, the emotional nature has shifted and the buying will wane.
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