Back to Neutral - Posted by Coolhand

The bulls started out strong today and held their ground a good part of the day, but the bears mounted a counter in late afternoon trading that cut gains by about half by the close. That's not necessarily a negative, but it does show that the bears haven't gone away.

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It appears the bulls have retraced roughly half of the losses from the peak. Momentum is turning up.

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Breadth wasn't impressive today, but it did manage to eke out a gain.

So far, the bulls are making a case that maybe the bottom may be in, but the late day selling makes it difficult for me to get bullish. Not to mention the bearish NAAIM reading.

We are 2 days from a new NAAIM reading. I'd really like to see what the smart money thinks before I get bullish. I am willing to go from bearish to neutral, however.