I believe we are at or very close to a market high but I do not think that the market is due for a correction yet. Most probably we will be seeing some weakness for a week or two before the market reverses. Most market correction need not be sharp and abrupt but may take a couple of weeks of downtrending before it gains momentum.
However I believe we would have a down market today due to the start of earnings season on Monday. We might see a some weakness in the morning session followed by consolidation as traders step aside to wait for the start of earnings season.
Friday, April 9, 2010
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