DJIA: 34,413
The correction has been more than expected – or perhaps just different than expected. While just a few percent in the S&P, it has hit the seemingly unstoppable Tech the hardest. Best to be wary when they start giving things a name – one-decision stocks, dot-com’s, Magnificent Seven. What’s done is done – now a couple things need to change. Good markets ignore bad news, this market has ignored some market friendly news – the Jobs number, and more recently the CPI. The market has to start ignoring bad news. More importantly, the spate of recent days with the Dow up and the A/D’s flat or down needs to not only change, it needs to reverse. More than any level in the Averages, what’s needed is a sign of a buying interest, a couple of days with 3-to-1 up.
Frank D. Gretz
PLEASE NOTE: Unless otherwise stated, the firm and any affiliated person or entity 1) either does not own any, or owns less than 1%, of the outstanding shares of any public company mentioned, 2) does not receive, and has not within the past 12 months received, investment banking compensation or other compensation from any public company mentioned, and 3) does not expect within the next three months to receive investment banking compensation or other compensation from any public company mentioned. The firm does not currently make markets in any public securities.
