NYSE Comp is down 3.1% since it peaked Wednesday. Volume will likely be down today avoiding an official distribution day. Tuesday may be light volume as well. Therefore, the next two trading days could see a significant haircut on lower volume and the indexes could be off 10% or more before IBD switches their call to "market in correction." This time they might just be correct. The last five correction calls by IBD quickly reveresed back to "confirmed uptrend". we may not be so lucky this time. Something big is going on under the radar that only a few seem to know about. could it be the IRS scandal and what BHO really was directing his top people to do, could it be the return of al qadia in full force? could it be the QE withdraw sooner than expected byt those in the know? or could it be a total decimation of the large cap S & P companies and eben smaller companies with significant international sales when they report teribble results on the strong US $ in Q2. Uri Landsmen just staed SPX 1400 in 2013 on CNBC. That is close to the Wells Fargo 2013 target of 1,390. I'm going stay triple leveraged long and hold cause the market will keep advancing forever. God Bless the FEDERAL Reserve for artificially inflating the stock market. Remember GS in Nov had a target of 1250 and now its 1750 yet their earnings estimate hasn't changed. They are shorting in their own trades right now.
The last five correction calls by IBD quickly reveresed back to "confirmed uptrend"
Kinda makes a reasonable person stop and think asking themselves : Why do I read this krap?
But inexorable, like the Boy Who Cried Wolf, they will be correct. The disgusting part is months after the fact they will cite as gospel that: "See We Told You So, We Called the Correction".
the probability of this next correction becoming a BEAR Market correction with a decline of 20% or more is very high. 1,400 is 15% from today's numbers and 17% from the 2013 Top that occurred Wednesday. Buy the dip!!! You all know the Republican party will not let BHO be know as the President that was in office during the best 8 year period in stock market history. It's not happening.