After a 20% rally from the low on 10/4 through last week's high there is no doubt in my mind that stocks are WAY overdue for a breather. This pullback appears to have begun this morning with the major indices down 1.25%.
The S&P 500 will likely fall back into the old resistance area (1230 - 1250) this week and at that point should attract more buyers.
The keys are to be patient when looking to establish new positions, look for support on the market and individual stocks, and do not be timid when a stock hits your buy area.
For reasons I will detail in a blog post later today, I feel the market is poised for higher prices into the end of the year. BUT, that does not eliminate volatility that will create wild daily swings and buying opportunities for patient investors.
Market expert and TV personality Matt McCall blogs about what is really moving the markets. He will emphasize Exchange-Traded Funds (ETFs) and individual stocks throughout the trading day.
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