I'm looking for more of a pullback after today.
I do think that this oversold bounce doesn't have much to it; we're reaching overbought levels fairly quickly in a lot of the major indices.
We've had a nice run off of late-April's lows and the market is digesting these gains. We'll probably start moving to the downside next week.
I'm looking for more of a pullback after today. I think you've easily got 4 or 5 percent more on the downside as part of the correction that started Wednesday.
More importantly it's names like Wal-Mart. [Wal-Mart] is a sentiment indicator for the whole retail sector.
The market is simply digesting those gains.
It appears that we've initiated a pullback phase or a correction phase. A lot of people are talking about the dollar, but people were talking about it last week as well.
We're a lot of positive short- and long-term momentum that began on Monday when oil broke through a key technical level, ... The EIA report helped draw attention to this.
Last week's action was promising, but it is still too early to call for a bullish turnaround in the broader market.
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