Landing

It is time to come in for a landing.

I flew high over the Atlantic overnight and the stock market did the same. According to Tom McClellan and savvy reader DW (who is amongst my richest readers) it is time for a correction. DW told me he had taken profits, something which always worries me coming from him, but he cited “gut feelings”

Tom does it more intellectually. While I think his Oscillators and charts are of marginal use in predicting the behavior of individual shares, I think they are good predictors of macroeconomic trends.

Here is what he wrote in the McClellan Market Report yesterday:

The stock market seems intent on undergoing a “melt-up”. That is what cheap money will do for you, eventually.