Headwinds Are Building
For weeks I have been writing that rather than try to anticipate a market top, we should wait for some weak price action before becoming more bearish. Today, we finally saw some poor action for the first time this year. There wasn't a major point loss, but the S&P 500 and the Russell 2000 suffered their largest pullbacks of 2013 and the market closed very poorly after a gap-up open.
My message for a while now has been that we shouldn't be anticipatory but rather we should react quickly when there is some actual change in conditions. Today things did change and that means we need to adopt a higher level of caution....157 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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