Patience, Patience, Patience...


Editor's Note:

I am concerned that the S&P 500's Christmas rally breakout to new highs may end up being a bull trap. The outlook for January was already cloudy before stocks decided to rally into the holidays. Odds are good that January could see a significant correction ahead of earnings season. This is not the time to be launching new long-term bullish positions. As disciplined traders we need to be patient and wait for our entry point.