Wednesday, February 20, 2013
Slow grind comes to a halt
Distribution on the indexes today. This is the first day in a long time a meaningful distribution has occurred in terms of breadth. The Markets have been rallying in a grinding fashion on low breadth since the beginning of the year. The breadth numbers I track have been steadily approaching a correction zone. Today the slow grind has come to a halt. Now is the time to tighten stops or take profits if you have any. While one day of distribution doesn't make a downtrend, it pays to be cautious!