{+++} I posted McClellan’s comments on the chatroom on Monday. As you know, McClellan is a market timer, not much different than Tom DeMark. They have had some great calls and some not so great calls, so we will have to see if there is any “bite” to his prediction or just a one off type of deal. Anyway, on Monday, he called for the start of a correction sometime this week. Here is a link to the comments .
I scaled out of a few more things today and I just raised some stops on remaining positions just in case. we can always buy them back. Please not that the intraday idea on FSLR wont be added now. I want to see what this market does over the next couple of days first before adding new longs.
You will hear all the usual excuses for today’s sell off, Iraq, Syria, Israel. I don’t believe any of it. The market was a bit overbought. If it was indeed the Mideast, then why was crude down?
If this move lower has legs, I have drawn uptrend lines for you on the major indices. These are first levels of support.
S&P
DOW 30
Russell 2000
Nasdaq
If the trend lines get hit and hold, than this pullback should be aggressively bought. If the levels break lower, I will update support levels for you guys.
Remember that you don’t have to be in the market and trade everyday. This is probably a good time to take a break and watch. One day means nothing, the next day will usually tell us where we are going short term.
See you in the morning.