In The Middle Of Nowhere

The market was a bit extended heading into the July 4 holiday. The past two and a half days have served to work off that very short term overbought reading and the excessive bullish sentiment has subsided. We are now truly in the middle of nowhere. Almost every indicator I look at is mixed, with few extremes either way. Its difficult to make a strong bull or bear case and I see no reason for a strong stance either way.

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