The market is in a transition stage, from a broad-based advance to a more selective environment. Investors are shifting their focus from earnings to geopolitical factors.
Airlines have been under so much pressure, they really haven't been a leadership category.
The basic market leadership is still intact. It's the nature of this market to correct in an abrupt, steep but short-lived fashion.
The rebound indicates the market is not overbought. But the basic market leadership is still in tact.
The correction on Friday eradicated some of the bullish consensus. It's the nature of this market to correct in an abrupt, steep but short-lived fashion.
The market has shown great resiliency.
Just the fact that the market has been able to hold in a trading range in this environment is bullish.
I'm not reading too much into the past couple of trading days. The longer-term trend has for the most part been positive.
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