Well, I'm so disheartened about about the past month that I view any dip down with grave suspicion. But at this point, I'll take any red on the screen. As of this writing, in spite of IBM's great earnings yesterday, most of the big indexes are down about 1% or even more. Even confounded OIH is down over 1%.
The teal, magenta, and yellow tinted areas noted below on the IWM all representa series of "higher highs" whose pattern must be broken in order for bears to prosper. GOOG's earnings after the close today will, I believe, be an important psychological next step for this market. One way or another, I think GOOG is going to make a big move.
