The stock market indices suffered losses today and were down sharply in the morning, but did manage to rally to take back a lot of the losses, and in the last hour backed off once again.
Market leadership was tested Tuesday, but it would take a sharp follow through day to the downside before Deron Wagner would entertain the possibility of a more significant reversal.
DBV, which acts as an ETF proxy for the FX carry trade, appears to have stalled at the top of its rebound from the Japanese selling climax in late March.
The stock market indices had a difficult session today and were down for most of the session. In the last hour they had a sharp rally back off of key support, perhaps due to short covering, which prevented the indices from much deeper losses. In fact, the Dow was able to crawl its way back into the positive column.
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