the Yuppie Pig

This correction seems to be underway with a late day sell-off. The fundamentals are better (for stock prices, not the economy) than they were at the recent bottom. For that reason, I don't see a re-test of that low and am expecting more of an orderly pull back over the next couple of weeks. Perhaps it forms a sort of a bull flag in choppy trading. My first short term target is the 820 level where I could take in some shorts and open longs again.


Ultimately, I think this correction takes us down to 775-800 area. This would be up to a 50% re-tracement of the move up and form a nice right shoulder on an inverse H&S pattern.