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.
No comments:
Post a Comment