QUICK THOUGHTS
There isn't much to take away from the current market action. We are up against the generational resistance point I have been speaking about for a couple weeks on the Dow. What the major averages are forming is a narrow consolidation against the highs on declining volume. This is picture perfect behavior, foretelling a near-term attempt at a breakout over 13,000 on the Dow.
I have again been saying for weeks that I think the first attempt at 13,000 will fail and a multi-week correction will start from that point. The correction will not exceed 5% until, I believe, late spring or summer. If the market continues to rise from 13,000, without an initial failure, then this market is far stronger than anyone thinks. It would qualify as a major breakout on a long-term time frame. Keep your mind open to that possibility.
I scan every night for new buy candidates. As you probably already know, I am selective in what I choose to profile here. In fact, I am being much more selective with long positions now than I was at any point last year. It only takes a few big winners each year to have a monster year. No need to be impatient. The opportunities always come. As they become apparent, I will profile them here.
I wish I could provide a dog and pony show that would knock your socks off tonight. If I did, however, it would probably wouldn't help you and would cause me to lose money. So I'll keep it simple and short.
Less is more. Simplicity is genius. Both ring true in the current state of the market.
