Three strikes and yer out in baseball. Is the bull done for now? I'm thinking the stock market is in for some rough sledding, but the damage will be limited. A good many leading stocks and sectors are rolling over. However, the transports made a recent new recovery high, and that is one sign that the bull isn't done making noise.
Investment newsletter sentiment is near all time highs for bullishness, while the small time investors are still for the most part shunning stocks and still piling their money into bonds.
I am still in a low conviction mode. A mild stock market correction is what I expect, but it may be too shallow for slow moving position traders such as myself to make a profit on. Again, "fast markets are not my friend." I'll leave that to the more nimble traders that are at their trading screens all day (I am not).
Long GLD, SPY, TLT
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