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Stocks were tied up at the 50 day moving average on Friday creating some extra tension for this week. At first stocks headed below the mark on Monday morning followed by a sizeable bounce. Just when all looked well with the world, stocks slipped hour by hour into the close. Now we find ourselves at 1646, which is a good notch below the 50 day moving average at 1657.
Certainly stocks could bounce Tuesday or Wednesday and we get right back in the bullish swing of things. But what if we don't?
A correction of 5% or more can happen at any time during a bull market. And yes, this could certainly be one of those times taking us down to 1600 or less. However, until there is a better fundamental argument as to why to be out of stocks, then I will not consider this to be anything more than a healthy cleansing period in the midst of a long term bull market.
If you have cash on hand, then use it to buy on any dips. And if you are fully invested, then stay the course as we will be above these levels at some time in the near future.
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