Is The Correction Wrapping Up?

Various spots in the market are finding support as there seems to
be a shift from selling to buying out there.  This could mean that the
correction we experienced throughout January may be wrapping up.

 

 

The S&P 600, small-cap index
has already followed through twice since marking a bottom on January 12^th. 
It would seem this is where our leadership lies, as has been the case for the
past couple of years. 

Google (GOOG) has been
one of the few names to post stellar earnings and march higher.  The
stock blew away estimates and has held the gains thus far.  The breakaway gap
in yesterday’s trading pushed the stock through a pivot point of 205.40.

 

 

Apple (AAPL) has been
one of the other leading performers as it pulled back today from all-time
highs.

 

 

Technically, we are still
waiting for a follow-through day in the NASDAQ, but most investors should
already have their feet in the water at this point.  For the past year and a
half; each time it becomes obvious the market is about to rise you are too
late.  This correction, which took the NASDAQ almost 8.5% off its
early-January high provides an excellent opportunity to get long leading ETF’s
and/or stocks

Enjoy your weekend! 

Tim Truebenbach