as expected we saw some further profit taking overnight in the US on the back of further auto and banking worries, at this stage the market is just taking a rest from recent substantial gains, although with sentiment still fragile a couple of more sessions like last night and we could easily test recent lows again.
cetainly a good environment to look for some oversold rebound trades, also look for unusual volume in some of the spec names for possible momentum trades.
also don't underestimate the effect of the end of quarter institutional book squaring, we could see some interesting swing trades.
