These corrections are killing me!

I once knew a broker, named Joe, who during a major run in the markets similar to what we've seen recently screamed out at the top of his lungs, "These corrections are killing me!". We all looked at our screens and saw that the NASDAQ had closed down 1 point. After we finished our laughter we actually started to contemplate whether or not this would be the only correction we would see. It sure feels like that today for many traders. Make no mistake, markets move in their own good time in the direction that you will be most unpositioned for. For this reason a certain amount of anticipation is necessary in order to obtain proper positioning for the next big move. When you are firmly convinced that the market will never reverse its course, that is when it surely will.

As we discussed in a prior post, we are picking our poison. We are anticipating a looming pullback and have positioned ourselves somewhat defensively. Perhaps the market today has finally shown the beginnings of a pullback or perhaps this is the most correction we will see in this market during this run.

If You Held A Taser To Our Head: We're sticking with our cautious position for now and will only alter it if the market sidelines for a period of time.

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