New Highs Now or More Weakness First?

In the last Street$marts, I opined that the stock market should see at least another new 2012 high this year, but that we were long overdue for a pullback and a 2-8% decline should begin shortly.

So far, all we have seen has been a 3% decline and many folks wonder if new highs are next.  I think the healthiest thing would be for stocks to decline below the levels we saw last week and then mount an assault higher.  That would set up a much better foundation for a rally and perhaps begin to fix the canary problem with the semiconductors and transports.

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Paul Schatz, President, Heritage Capital
Paul Schatz, President, Heritage Capital
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