4-24-16 Comments

[Mike]

Lately, I have not wanted to make comments. The market by most measures needs to correct, but it doesn't. By correction, I mean a major bear market. It may or may not happen on my timeframe. The market can do what it wants for as long as it will. The market pulls back and rallies to new highs.
In the meantime, I have updated watch lists. A particular concern is that many of the items on the watchlist will report earnings this week. I will not buy a stock in the week before earnings. I may buy after the earnings report.
On my regular watch list, ORLY reports Wednesday on 4/27 at 4:30 PM. PYPL reports on 4/27 at 5 PM. On the volume trigger alert watch list, ADBE, ELLI, MSCI, MTSI, and ORLY report earnings during the week. Be careful, please.

[PeterR]

TY Mike,

I don't claim any better foresight into the future, yet I want to give an opposing mkt read/scenario:

For the monthly S&P500:
- I read the two legs down last summer and at the start of this year as a 2legged correction, which is now over.
- so to me the mkt is neutral and not overbought.
- worst case down would be a big trading range ( inside this year's High and LOW)
- best case (and my bias) is a breakout to the upside.