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April 19, 2014 AT 7:24 AM
Just a week ago the stock market was looking quite vulnerable as most of the major averages closed near their lows last Friday, April 11. There were signs of heavy selling, so I concluded last week that “On a short-term basis, the market is getting oversold, so we should see a bounce this week. Unless it is quite strong, it will likely be an opportunity to become more defensive and raise some cash.” The higher close last Monday signaled the rebound was indeed underway and made Wednesday’s action pivotal as a sharply lower close would have signaled that the rebound was over and that investors should prepare for a further decline.