Stocks Preparing for Next Move

At first glance, it doesn't look like this correction (my correction) will last longer then another 2 weeks. There are some new potential leaders that cropped up and many current leaders have pulled back anywhere from 3 - 5 weeks to their 20 or 50dma's. There aren't too many extended leaders, but enough to create a psychological drag if they correct, which they most likely will.

This list needs several iterations. I just see too much possibility right now.

I say next week is down and possibly right after labor day. Which would be a real good shakeout. But we need to be ready if market has other plans.

Time for a Break

I don't believe anyone will miss anything over the rest of August except for sideways or corrective action. JMI, but everything is pointing to a correction.

Market Needs a Rest

Am I the only one finding the heavy volume within this consolidation as a potential major problem? My plan right now is to trail everything tight, but loose enough not to get tagged out in a morning drawdown like todays. I just find very little participation here, and the small caps are all very overextended. I personally believe that a correction is in the cards very soon, which will lead to another powerful leg in the overall rally.



Thanks and Happy Investing!