Market Comment (S & P 500 1409)

The other day in a blog I said that I assume that we are passing a short term high in an intermediate term uptrend channel for markets in general. I'm expecting a meaningful correction here, and it's already showing up in Canadian markets.

I have repeatedly commented in recent blogs to the effect that Oil is hanging on by its teeth in the $60 area. It's not beautiful, but it's interesting because it has already seen a significant correction, so may be more defensive than the rest.

I have said that I believe that "cash is king" until a general market short term correction comes to pass and goes to completion.