If You Think This Is Just A Pullback, Look At These 2 Sectors
Going to need to keep it short and sweet today.Â
Today was a distribution day. By itself this is not a problem, and could help
reduce the huge number of bulls out there. At this point it is too early to
tell whether we’re experiencing a pullback or a top. Odds favor a pullback and
that is how I am treating it. I would continue to focus on the long side, since
I believe that is where the best opportunities will be in the next few days.
Index Action —
If you believe this is a
pullback as I do, then it may be time to start scaling in to some swing-term
index positions. Areas that have pulled back the sharpest include Smallcaps and
Biotechs. Retail has ignored the selloff and is showing significant strength.
I’ll be back Wednesday with a
full column.
Good trading,
Rob
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