Upward momentum in the markets has stalled. This looks like a normal consolidation before the prevailing trend (currently up) resumes. I'm going to repeat what I wrote in the market commentary tonight. We would much rather wait to launch new long-term positions on a correction back toward support. However, I'm not expecting the market to see a lot of weakness between now and yearend. Odds are stocks will continue to drift sideways or higher with just nine trading days left in the year. That means our next significant entry point might be the middle of January after earnings season has begun. Aggressive traders may want to consider some breakout higher entry points instead of buy-the-dip entry points.
We're not adding any new plays to the newsletter tonight.