Equity markets are in "distribution mode" right now. Funds that were early to the rally are taking profits into quarter-end, and those who were late and chased the rally are getting shaken out.
The fact that the bears are back in control was clearly evident yesterday, as the S&P 500 didn't even attempt to hold the strong support level near 900, and following a few weak mid-day rally attempts, the bears were able to send the major averages down to their lows at the close.
Tuesday, June 23, 2009
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