The market headed lower midweek but reversed suddenly on Friday with a major short squeeze.

Editors Note:

I am still expecting that buying opportunity eventually. Once it appears, we could see a multi-month rally emerge from the other side. Despite some earnings disappointments the major indexes refuse to decline more than 1%. I do not want to load up on new positions until we do get at least a minor pullback of 3% to 5%. We have all the time in the world to wait.

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