As you all know, I am optimistic for the intermediate-term. Yesterday afternoon, I mentioned the percentage of oversold stocks (using a 14-period stochastic on daily charts) was at ZERO. The last (and only) time that has happened came after the initial move off the March low and was followed by a correction of 5% in the NDX.
In other words, I see what everyone else sees. I don't ignore the very near-term risk and maintain a "position" no matter what. The question is time frame. Some folks focus on the 5% because that is their desired time frame. I don't because I believe the market goes higher intermediate-term. As this brief correction takes place, laggards and more defensive oriented issues should act better - even if it is temporary.
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