Wednesday, June 10, 2009
This Could Be It
After the 40% rip off the March 9 low, lots of people have been looking for a correction but we haven't gotten it.
It looks as though we might be getting it here. After a strong open, the market has rolled over. That <-- is a 2-day chat on the S&P 500 and doesn't look pretty. Let's see what the dip-buyers are made of today.
I'm not crazy about this tape in the short term right here because it feels as though everything that has been working off the bottom has gotten very crowded - oil, certain commodities, every decent story in tech, turnaround financials. A correction to shake out some of the renters wouldn't be the worst thing in the world.