The market has come off the panic low nicely and should rise more, but in a less dramatic fashion
Panic is everywhere, which means it's time to go where the crowd is coming from.
But enough technical damage has occurred that the decline is probably not over on a longer-term basis.
The charts indicate that the investment bank's stock has declined to an attractive level.
Last week's pullback was on light volume, and the stock is likely to advance again.
The lack of fear in the market has kept the short-term moving averages overbought.
A lot has changed since last week, including my recommendation.
If you caught the run-up, be sure to set close stop orders to protect profits.
I'm looking for more of this rally in the midst of a longer-term downtrend -- this market is only for the most aggressive traders.
Very short. Expect another quick rally followed by a substantial drop.