Tuesday, April 14, 2009
It looks like we may be heading for another test of the January and February highs in the Qs. Looking back at the 2003 rally, there were 7 corrections on the order of 7% to 9% between the March 03 low and the January 04 high. There were two more corrections around 5.5%. We should expect no less than this type of action now. Waiting for the corrections to end and then buying proper pullbacks and breakouts will lead to positive results. RIMM is ripe for a pullback to fib support in the 53 to 55 area, for example. Don't let these corrections shake you out. We are a long way from a resumption of the intermediate and primary downtrends. Appropriate stops - yes. Panic selling - no. Patience and Discipline - yes.
Posted by R. Craig Pritchard at 5:49 PM