Reversal

There was an interesting reversal in markets yesterday.  All the major US indices posted new record highs before promptly selling off.  Those final numbers don't look so bad but when you consider where stocks traded around mid-day and where they closed out then the sell-off looks a bit more intense.  Hard to say what one day means and we've seen this happen before during this market run.   But the markets have been making parabolic type moves here in January and we're about as overbought short-term as you can get so maybe we want to pay a bit more attention to how things transpire over the next couple of days.

I have to be out the rest of the week on appointments and internal meetings so the next post here will be Monday or Tuesday.