From The Growth Stock Wire:

Several weeks ago, I suggested stocks were ready to bounce. The market had just completed a vicious three-month decline, and many technical indicators were pointing to a rally. If ever there was a stage set for a bear-market bounce, then it was set in November.

But I've seen flat basketballs bounce higher than this.

Yes, the major market averages did manage to rally 20% or so off of their November lows. But given the extent of the decline last summer and fall, a 20% gain is hardly a pop. And that's probably all we're going to get.

Sadly, after last week's action, it looks like the rally has come to an end. Take a look at one of my favorite intermediate-term indicators.

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