If you look at my earlier post it explains it. Just go to Stockcharts.com add a 10 simple moving average and you will see the clear pattern. Notice how every peak is followed by a pullback to below the 10SMDA..
I see that too, I suppose the support was moving up a bit exponentially but has failed. The earnings were priced to the market. Some of us are probably just going to wait and see before buying back in.
I politely disagree.. :) I see the bounce you are talking about but.. what I am referring to is the nice channel it has been in since the first week of June. Still think the trading is within normal range. I still think that is will need to go below 11.30 as a sign of a major sell off. With all the buying I am seeing at these levels I do not thing that is going to happen.