This is the first major correction in a long while so we will probably need to give it some room to play out. There are some complaints that the vix and volume were not jumpy enough, but the contrarian in me says we need to look for the next bounce. We are also getting close to the 200 day moving average. When the action is this poor it may take the bulls a couple of tries and a news catalyst to pull off this bounce. What had gotten me in trouble in the past is anticipating a turn too early, but I would be crazy to say I am not itching to buy a further sharp opening dip.
On a side note, with the new ICloud service announcement from Steve Jobs, Apple is adding to the easy to use Apple experience. Even though it may not be a huge revenue generator yet but it is an important step toward the future of computing and a shift away from the old Wintel world into the new WARM world.
