Dips & Chips

It could have been worse. Although we didn't see the large-scale volatility I expected earlier, the bulls managed to hold the firing line relatively well.

Just as everything was going well for the bulls in the early trading days, it is without any doubt that we've taken a turn off the rally road. At least temporarily. The current mindset still is focused on buying the dips as well as the chips, even though I think if what I'm seeing is true - that firepower is running quite thin.

So, like previous days, I'm working hard and letting the dust settle down a bit before making my own move. Emotions are running high with more than a few trapped longs at higher levels and it will be very interesting to see if their patience wears thin if we dip much further. From my point of view, I'd like to see a much bigger dip, but keep in mind that's coming from someone sitting on a pile of cash. I'll be the first to admit I'm quite biased in that view.

As always, I hope I've given you something to think about today and if I haven't, then they'll be an opportunity to do that tomorrow. See you then.