The market continues to fall in line as it should. That’s bad news for bulls, at this very moment, as giving respect to the leaders means further weakness. I outlined yesterday how well the market was listening to its leaders towards mid-day…and here we are at mid-day with the market showing similar respect.
With all the respect and shout-outs that the market (S&P 500 mainly) seems inclined to give to its leaders such as SOX, Nasdaq 100, inflate or die leaders such as Gold…I’m not holding my breath for a reversal today. Next week may be a different story, as the option expiration pressure from this week re-calibrates itself.
This level of respect over the long run is a big positive. The bulls are hating it for now, but good ol’ fashioned respect goes a long way, even in the financial markets.