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Some Much-Needed Profit-Taking

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After yesterday’s Fed induced spike, we saw some good old-fashioned panic as things got under way this morning. Shorts scrambled for cover and underinvested threw in the proverbial towel, but it gave others a great opportunity to book some gains. The result was a quick reversal off highs, which in turn became a steady move lower that lasted until a last minute four-point bounce at the close. It wasn’t great action, but the simple fact is that the market was just too stretched to the upside to keep going without some sort of consolidation. A lot of folks have been busy declaring that this market is topping out here. That remains to be seen, but one thing that the action has done over the past several weeks is create a lot of folks who are anxious to get more money to work at lower prices. The real question right now is if the market will continue to digest gains long enough to allow for better entries.

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