The Bears Complete Step-One. Here's Step-Two.
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Well, ladies and gents, I hate to be the one to say I told you so,
but I told you so. The bulls had been pushing their luck this week by tacking on abnormally large daily gains, hoping they could get away with it without inviting a pullback. Today,
however, the weight of this week's gains started to bear down, prodded by yesterday's bump into some key resistance lines.
Now, I'm not completely throwing out the possibility of the bulls regrouping here and rekindling the recent rally. I'm just saying all major pullbacks start with a small first step, and all the indices started the day in the ideal position to take that small first step backwards.