D&D Note (3-16-2012)
DeMark looks for a top next week at S&P 1419-26 – seeking the final Day 13 of exhaustion. Meaning his theory is after 13 days of market exhaustion it rolls over.
We certainly look frothy at these levels.
Keep in mind he called this a month a go and went to cash – so missed this last upward movement.
When we do get a correction, I would finally (after 2 years) be a buyer of financials, especially regionals that don’t rely on prop trading.
The “New iPad” or the iPad3 went on sale today – and despite hard rains all week in San Francisco, the die hards still camped out in line to get their hands on the newest thing in the Apple Cart.
Apple is certainly due for a pullback. I wouldn’t be surprised to see downward motion in Apple directly lead to downward motion in the markets. Where AAPL goes the market seems to want to follow.
At the end of the day – beware the ides of March