That's a Wrap
Don't you hate that? You know, when you have been expecting a pullback, knowing full well it's overdue, but then when you finally get it it still feels like...well, you get the picture.
The Nazz led the way down today (-1.1%), with the Sox -2.4%. No surprise, those stocks have been on fire. Volume actually ran below yesterday's levels, so it doesn't qualify as a distribution day. We haven't logged a 1% decline on rising volume since late June.
So is this just a one-day selloff, or the beginning of a correction? Hard to say. But my guess at this point is that the market will be rangeboung in the near-term. That will serve to further frustrate bulls and bears alike. So I will likely look to buy further dips from here, but sell into future rallies as well.