I am Bullish long term, the internal action of the market tells me that this correction is acting normally, and will soon yield to the long term up-trend.
March 9 to early June was red hot, with the (lagging) DJIA advancing 37% and the S&P 500 running up 41%.Since then, we are having a textbook one-month rotational correction, sending the DJIA and the S&P 500 South by 6% and 7% respectively.
The Big Q: What does this mean?
The Big A: From my POV, it is a buy signal. This new Bull Market is acting just like every previous Bull Market.
However, the man in the street is pre-occupied with worries about the economy, and peripheral developments like the unemployment rate, Iran and perhaps the budget crisis in California, so he does not see the trees for the forest.
Savvy market observers know that this one month pause to refresh and rotate a bit is exactly what the market needed to recharge.
Keen investors are buying their favorite stocks now, and making money in this new Bull Market, and I think you should be making money, too, because it is time that you get back into the market; you will be one of the early winners.
All the Best,
Red
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