There is an old but tested and true saying that the market "climbs a wall of worry". if that is indeed to be the case again, it's time to get out our window washing rig.
The unrest in the Middle East is growing by the hour, not to mention new China concerns and for good measure some issues in the Korea(s).
Each and every pullback since the August 2010 "right shoulder" has been a buying opportunity that has led to a nice size advance. Until we see a solid reversal pattern (not just a one day wonder) we have to conclude that the Bulls are in charge.
For those that have been watching my videos for the past several months, you are aware that I have been awaiting a correction. I was labeled a perma-Bear by some, despite the fact that I qualified the correction call by saying I don't know if it will just be a pause or something greater in depth. as of now, despite the Geo-political issues, I believe that any pullback will be short lived and offer a buying opportunity until we test 1382 on the S&P 500. From there, a larger correction may ensue, but once again, it will have to be observed as (or if) it actually unfolds.
All this is subject to change of course if the wall actually proves too much to mount, but as of now, there is no evidence supporting that opinion.
Michael tiny Saul
tinymjs at gmail dot com
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