BRIEF COMMENT OF THE BROAD STOCK MARKET (2:30 pm EDST)
The huge fall in equities yesterday may be the start of the final medium-term cycle correction (s) in one or more of the major stock indices (DOW, S&P 500, and NASDAQ), but we may also be seeing just a sub-cycle correction here - it's too early to tell. In Monday's blog I wrote:
"While this could be the final top, we might also see the NASDAQ take a breather and correct down modestly with the DOW and S&P 500 and then rise with them to its final top a bit later (possibly in the first half of September). I don't want to underestimate the bullishness of this market right now."
This is still a possibility. I will comment more later this week-end.
We are still on the sidelines of the broad stock market.
The huge fall in equities yesterday may be the start of the final medium-term cycle correction (s) in one or more of the major stock indices (DOW, S&P 500, and NASDAQ), but we may also be seeing just a sub-cycle correction here - it's too early to tell. In Monday's blog I wrote:
"While this could be the final top, we might also see the NASDAQ take a breather and correct down modestly with the DOW and S&P 500 and then rise with them to its final top a bit later (possibly in the first half of September). I don't want to underestimate the bullishness of this market right now."
This is still a possibility. I will comment more later this week-end.
We are still on the sidelines of the broad stock market.
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