Yesterday, on our very popular, award winning radio show, we simply stated we thought the market got pooped out in late action. We stated we thought a pullback was at hand but thought any pullback will be controlled and rotational. What we saw? Simple…a narrowing of advancers, a couple of days of churning (no progress) and than the late sell-off.
We walk into a decently down open. Again, at this point, any pullback will most likely be controlled and rotational. The good news is that any pullback gives us a better view of leadership. Can a pullback turn into something worse? Of course it can…but one step at a time. And of course, in these markets, we have seen a bunch of early ugly bought up so anything possible but odds favor some time and price here.