Long time readers will know how much I dislike that term. Today, as a microcosm, illustrates the point. The market is not down that much but the breadth is very bad. Very little is working. Foreign is holding up a little better but not much.
The market continues to punish risk takers. The odds of trading an event for a profit, even if you get the event right, are not in your corner. We have had a move higher over the last few sessions, longer actually, and today does not have to mean the end of that move. I would be surprised if he had a huge rally starting right away but hopefully I am positioned to capture most of a huge move.
The story for equities has not changed a lot since I took a couple of defensive steps in April. Earnings growth is decelerating, the bond market is doing strange things, the mood is not good and so on. I would like to see the market continue to build a base here, above the 200 DMA but I'm not sure it will.
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1 comments:
The thing that gets me whenever I hear someone say that is : When is it ever NOT a stock picker's market?
Duh! Can I get on TV like those guys that say that on CNBC???
I'd pay attention to the quality of this pullback (which we are overdue for anyway). That will tell if this thing's got legs to still run.
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