Morning Report 27 March 2014
The Dow is off 99 points overnight after being up 91 points the day before. People keep asking me " where is this the market going ?". My answer remains boringly the same “ I believe it’s a mature bull market, that will be choppy but is going higher”. Markets are like a jigsaw puzzle, but when you have all the pieces, it's history. The sooner you can predict the picture / outcome with a few pieces of the puzzle the better your position and the further ahead of the pack you can be.
I have been calling a 6% pullback in US indices for a few weeks, this equates to a +220 point pullback in the NASDAQ the clearest index to me. This continues to unfold exactly as expected currently having retraced 4.2% to-date. Do not get too bearish with 2/3 retracement complete - see chart 1.
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