IMPORTANT MIDDAY NOTES

Maybe…possibly…could be a changing of the guard. One day doesn’t mean much but when an area gets so extended with nary a correction, when all the money goes to one side of the trade and when it gets talked about and talked about, one must be on the lookout. As we write this, the Dow is up 70, the NAS is down 43, the SOX is down 24  and the NDX is down 66 with leading names reversing pretty hard to the downside. If this is to occur, it would be normal as normal could be but also painful if you bought late and extended.

Money flows today going into energy, retail (yes, retail), financials and biotech. Maybe it is just one bad day. We just always believe that ALWAYS, things eventually revert to some kind of norm which are pullbacks/corrections into support/moving averages. Stay tuned!