Yesterday the major indices were relatively unchanged – and some folks were looking at defensive names. Hmmmm. Anyway, in looking at the charts, there is no real evidence of the market rolling over, and the S&P500 is technically okay.
We have been calling for consolidation – some of that gentle churning action. And, indeed, the market has been churning this week which is a good thing. But we still believe that there needs to be further consolidation for the market to make any significant move higher.
And, quite honestly, having said all of that, we still cannot get from the back of our minds that those nagging economic problems are not all solved – and eventually such things at some point always seem to come back to haunt. It is our belief that the picture is not as rosy as some folks would like us to believe.
Once again, it seems that the right thing is to take advantage of opportunities when we see them.
And it seems the right thing is to keep an eye out there always sweeping, looking for the moment when folks start to worry significantly that the market winds will shift.
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