If the markets correct, they will take a lot of good stocks with them as traders and investors alike will try and balance losses with profit taking in general... this will leave only a very few fundamentally strong issues that will buck the trend simply because they don't have the overhang being laggers or undersold at an opportune time... Looking back over last year I saw that "Go Away In May" started approximately the middle of May for a lot of high profile overbought stocks... I keep hearing about the bullish aspect of the market... considering the overbought state of the TSX and CDNX... this may turn out to be hopeful thinking.. I'm not predicting a crash but rather a sound, solid and resounding correction... with buying opportunities that can't be had for lack of cash...
This week has been very heavy with selling and I'm seeing some super bottom picks in the making... they have room to move lower... and if you haven't noticed... Grandich also thinks there may be some buying opportunities in uranium.... as the sector seems to have cooled off.
I have some watch lists that I'm looking over in the gold and silver... and they look like somebody threw in a Bouncing Betty just to shake them up..
There is a lot of froth out there... be cautious.... It is not a mistake to to preserve gains by taking a neutral position where you think it may apply... I would say that the first time a Friday and Monday are down days would be a confirmation of a correction going into it's second week.
GLTA Lostoutwest
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