The markets pulled back sharply today as traders took profits and felt for support to gain a toehold in the prices from which to consolidate.
The trading desks are squaring up for news, on the US economy in the Jobs Report on Friday, and on the Greek bailout, perhaps on Thursday.
I should not care to fight the market on this one, although it has yet to fully tip its hand. Recall that the current rally has never had a major correction, only slight pullbacks of which this is, so far at least, one.
Caution is advised.
I did take down a significant portion of my oversized 'short stock indices' positions today. I may have been early.
