Another round of distribution Thursday keeps our pullback prediction alive.
It’s this kind of heavy selling that hints institutions are backing off from the long side, taking profits and regrouping.
It could be a mild sell off, less than 5%, or something heavier. Meanwhile, the evidence isn’t strong enough to get us to back off from our Buyer’s Edge bias just yet.
Keep an eye on leading sectors for clues of where they’ll take the market next: Semiconductors, Financials, Retail and Transportation…