It was a good day in the markets finally as we appear to have a crack developing in this relentless push higher. Having expected that and positioned to profit by it allowed us to navigate well despite not getting any early follow through. A gap down on CSCO this morning was welcome news and the fact that INTC finally faded back below it's last gap up from Thursday signal that the frothy is starting to look; well indeed frothy.
The one thing I did not do today that I should have would be to move down to the next level and chase some of the continued strength we are seeing. For example I was looking at IRIS this morning before it got goofy. What a move there.
This bifercation where the small caps are still attracting dollars yet the big caps are pulling back signals that the pullback is like upon us yet there are still momentum traders willing to chase the goods in stocks that are still showing momentum. That tells me that the thought we have that the correction may be reasonably significant on the point scale, it will not likely be too long in terms of time. Tomorrow will give us a good indication as the late day weakness today is definitely a change in character finally.
The one thing I did not do today that I should have would be to move down to the next level and chase some of the continued strength we are seeing. For example I was looking at IRIS this morning before it got goofy. What a move there.
This bifercation where the small caps are still attracting dollars yet the big caps are pulling back signals that the pullback is like upon us yet there are still momentum traders willing to chase the goods in stocks that are still showing momentum. That tells me that the thought we have that the correction may be reasonably significant on the point scale, it will not likely be too long in terms of time. Tomorrow will give us a good indication as the late day weakness today is definitely a change in character finally.
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