Today I visited Yahoo finance home page and the top articles were suspiciously negative. e.g.(Gap woes deepen, Stores report disappointing December sales, Economist warns on Ethanol Corn Demand, Factory Orders rise less than expected). All this negative news and the market continues to move forward. I have been hoping for a pullback for some time now to buy in lower ( who hasn't).... but I think someone forgot to tell the market.
Several market "gurus" that I read/listen to somewhat regularly are calling for a pullback. Some believe we will have a large correction, others a smaller correction, but most are calling for some type of a correction. These predictions along with all the negative news concern me as it always seems that the masses are wrong. So will the market keep heading north, or will it turn down as the consensus seems to be right now. I do believe that we are in for a correction before we can move higher in 2007. Someone just needs to tell the market!
Jobs numbers tomorrow will undoubtedly move the market, but which way remains to be seen. And keep in mind that reversals seem to be the norm these days. We'll have to wait and see which way the yo-yo will end, up or down. Happy Trading!
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