Tuesday, September 1, 2009

Party is over for now!

NEW YORK (Reuters) – U.S. stocks fell on Tuesday as uncertainty over financial companies' health prompted a sell-off, while concerns mounted about the validity of a rally that has driven stocks up nearly 50 percent from March.

I love the way these guys in the media turn on a dime. Wasn't it just yesterday when they were all singing about the start of the next bull market, don't miss the bus be sure to get in green shoots sprouting everywhere, etc. Just remember this, they are all the same people that completely and totally missed the meltdown. Follow them at your own risk.

Today we saw a healthy pullback in the face of quite a bit of good news. Looks like the big boys are back from vacation and they want to lock in some profits. We will see if the slide continues tomorrow. No new setups so we will just watch from the sidelines as things develop. Good Luck!