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We subscribe to several sources for research, one of which, the TSR Professional Edition, we find spot on when it comes to their assessment of yesterday’s market action.
It goes as follows, “market tops are rarely obvious. When they do occur, they tend to get started in a quiet manner; they are not announced in the financial media the same day they occur. On the other hand, selling during bull phases tends to be short, sharp and scary. Tuesday’s action meets the bullish criteria. Bull markets climb a wall of worry and so do bear market rallies.”
At this time, we believe that after a few more days this correction will have run its course.