A Perfect Monday

Took the morning off, which is the way every Monday morning should be treated in my opinion. It's great to see that I was not penalized by the markets for doing so.

I like to take it easy on Monday morning especially since so many market participants are reacting to what they read over the weekend. Evidently, people read a lot this weekend, as there seems to be a good deal of digestion going on. The markets seems to be consolidating, resting, or whatever other metaphor feels right.

Like it or not, the market is still in an uptrend, corrections notwithstanding. In fact, there is a gap at 1319.45 on the cash S&P that could be filled and we'd still be in an uptrend.

So, for the time being, I'm sticking with the scenario suggested by this chart until proven wrong.