Markets erase gains

The Dow has erased nearly all today’s gains. I do not think this is the chance to get in if you missed yesterday’s rally. The breadth of the overall market is weak with a good majority of growth stocks and cyclicals going into the negative. This is usually not a good sign. Investors should wait for more illumination on these issues coming from Greece, Spain, and now the falling house of cards at J P Morgan. Although I still believe those are unreasonable excuses to be out of this market, because we already saw this scenario last summer and, we now have had a healthy correction of nearly 10% in the Dow, apparently the market thinks otherwise.

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