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Notwithstanding your line of reasoning, which may be brilliant for all I
know, I think we could have another day or two down.
Stocks are looking pretty shakey. The Nasdaq comp managed to (barely) get
back up to it's high on Friday after the key reversal on the 16th, but the
volume was pretty weak. Too weak to break out, so now it's heading down
again. A lot of the leaders got dumped pretty hard coming into the 16th, I
think they have more consolidating to do. (I know this is "Nasdaq reasoning"
but it has some effect on the SP as well.)
fwiw,
phil
http://www.patterntrader.com
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