Just a short note to express being confounded once again by Miss Market.
It did not surprise me that the market was down today, after all we had a nice three day run coming into today so the odds were in favor of a down day. Just like last week, I was a bit taken aback by the strength of the down draft. We rallied nicely in the last 30 minutes or so which is always a good sign. But I want to extend some caution because the down day moved all of our momentum indicators to the downside. The Fast and Moderate momentum had not built up enough steam to fight off this big of a down move. Also, the DIA moved into negative TradeWinds territory and the SPY moved to neutral. Taken all together I just have to back off on some of my optimism from yesterday. There is still lots to like in the market, particularly in tech, small caps, and strengthening dollar, but I am getting some vibes that we may be in for at best some consolidation - i.e. going sideways, if not a bit of dip. I have misjudged Miss Market before (and will again), but I felt I needed to post this word of caution.
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