Over the past week we’ve entered into a correction. Yes, we did have a small bounce Friday, but next week will be the true indicator if we follow through to new highs or descend further into a correction.
Breadth was mediocre compared to the 600+ down day we have a few days ago. Stocks up came at 226 on lower volume. Not a promising sign. We might see some follow through to the upside on Monday, but I’m not optimistic at the moment.
At this point, it’s a wait and see game. Until we get some type of resolution to the downside or a new breadth thrust to the upside I will be sitting in cash.