April 24 Daily Market Assessment

Caution Going Forward

Yesterday's retreat was not unexpected, but the negatives were stronger than I anticipated given that there was NO news at all, other than the Barclays-ABN bank merger announcement, which had been pre-announced last week. I think that the shorts are a lot stronger in this market than I thought. I look for another day or two of "profit-taking" before we move to higher ground. Finding stocks moving upwards will be tough, but do-able. I'm looking hard at GES (Guess) and VCLK (Valueclick), plus my recent favorite, WCG (Wellcare Health Group).

I'm still planning to move out of cash, but I'm watching my step.

Summary: Short-term Bullish, Long-term Bullish