Good morning, all. I don’t see anything beyond normal rotation on the horizon for the stock indices (that would include 1-2% retracements). Speaking of which, from a day traders perspective we are beginning to get a bit overdue for at least one of those 1-2% declines. Huge caveat/warning: this is all “gut” with no rigor involved and is simply based on having my nose in a screen for twenty-eight years. Certainly the rate of change from the May 1 low to Friday’s high is unsustainable, and ramps like that usually sooner rather than later turn into more two-sided markets which can be traded long and short at least intraday.
Tom