Like I said on Monday, it was somewhat expected that we would get a pull back in the market after so many "up" days over the last two weeks. The S&P 500 came down and tested the 1340 area which was the previous resistance. We could end up rallying off of this area and start another move up. I also wouldn't be surprised to see a bit more selling, but I still don't see any major signs of a larger correction underway. If the market can close above today's high within the next day or so, it might present a great opportunity to get back in. I haven't seen any individual stock patterns that I really like...but I also haven't had much time to look. I am seeing a lot of individual stocks that have moved below their 50 day MA. This could be a sign that there might be a bit more selling. The financials pretty much reversed the nice up day that they had yesterday. Oil and Oil services stocks also are looking weak. Remember that these sell offs over the last few months have created great buying opportunities. I wouldn't mind if it comes down a bit more.
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