Weak End into the Weekend

The markets are trailing off as we head into the close, finishing what was a down week in the markets. I think this is just an overdue correction, that should help build some bearish sentiment back into the market.

GOOG is trading sharply lower again. While most managers are bailing from the stock due to its inability to beat estimates, I think the stock is becoming attractive at these levels. Many other growth stocks are down today as well (ISRG, CERN, EBAY, BRCM, ENER, etc.)

After a spike higher this morning, bond yields have reversed sharply lower, and are now trading at 4.53%. That has helped housing stocks reverse their early losses as well, and those stocks as a group are up today.

The SPX and Nasdaq have broken their 50-day averages today, so I want to be patient in letting this correction run its course before getting more aggressive.

Have a great weekend--