- New Trades -
(February 03, 2014)
The stock market is breaking down from last week's sideways consolidation. The S&P 500's drop below 1770 is bearish and it breaks the long-term up trend (on the weekly chart in tonight's market wrap).
I am suggesting investors take a cautious approach to launching new positions. Odds are growing that we are in the middle of a -10% market correction, a correction that has been long overdue.
We're not adding any new plays tonight. We did see four candidates from our watch list graduate to the active play list.