Foot Off The Pedal For Now


It was a bruiser of a week on Wall St. as we watched practically every sector closer lower and land in the red.  All of the indexes are looking messy and they are all, without exception, correcting. The Russell 2000 looks the worst.

As I always say, an occasional flush-out is good every once in a while. Cleans things out and eventually puts stock in stronger hands.

Gold, silver, miners, energy, oil service, chemicals, copper, retail and all types of materials are being sold.  The market is rotating, but I’m not sure yet where those dollars are rotating to. That money will find a home eventually, but pretty much everything is getting sold off right now.

Biotech had its worst week in a while although its uptrend is s still is in tact.


Take a look at some of these broken etf’s below:



Retail XRT


XLV- Health Care


XME- Metals & Mining


Crude Oil




OIH- Oil Service


So where does all this leave us??????

The best thing to do when things get this sloppy is to chill and be patient.  We could be very close to a tradeable short term bottom, but some of the technicals still indicate that we still may have a little further to go.

Good pickings should present themselves again shortly once the dust settles, and things will set up again, so right  now just stay patient.

See you in the morning.

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