The market seems drawn to the 10,000 level on the Dow. The last time that we crossed over the 10k level on the Dow was November 6th of last year as we were headed in the other direction.
Most market moves higher are marked by short, stiff corrections. It has been some 330 calendar days since our last 10% correction so despite the fact that this is scary and discomforting at the present time it appears nothing more than a pullback.
Economic news (with the exception of employment) has been solid. Good retail sales numbers and solid earnings have not provided solace to investors of late. Investors have been focused on exotic places like Greece and Portugal (and not planning their vacations) and the debt bundles that they have amassed over time.
We always advise moving incrementally so if you are feeling uncomfortable with the recent downside moves, take a bit off the table but refrain from “all in” moves.
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10,000
Thursday, February 4th, 2010
| « January blues | Dow Slides Toward 10,000 » |
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