Business as usual

Major selloffs like Tuesday are nothing new. Deadcat bounces like Wednesday are also expected. But today's action (so far) says a lot about the resiliance and the bullish stripes on this tiger. While that may be mixing metaphors one thing is true: a 200 point decline on the opening for the Dow and similar activity in the major indices that easily turns to the positive is a very good sign. A two - three month consolidation of a 7 month rally would be a perfect setup to eliminate marginal bulls, build the bearish camp, and extend this rally to further new highs. Still cautious but listening to the market carefully and liking the sounds.