The S&P, Dow, and Nasdaq have not let go of their 50 smas but continue to hang tough. The charts look moderate bullish right here. It looks like each one of the averages, although a bit choppy has formed a higher low and should be able to move back up to their respective 52 week highs soon enough.
The correction was a strange one at that, although I can't condemn it to be dead yet with earnings season coming it's way. The strong break of the 50 after a long leg up and then a quick recovery. It was very unexpected.
That said, I think right now is a half in half out time, not a time to be in full force because we could still see some nasty days. You have the right to be choosy and now is the time that you should.
There are several strong stocks in the market now including BAM and CELG both fast growers and it could hop on board them.
I'm trying to find some charts to post up here. I'll be back soon, hopefully with charts.
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