Retracement Time for Stocks
While the larger move up on the stock market is not complete until September, the market has hit very key levels and is ready for a retracment at least to S & P cash 3995 if not 3940 this week. The correction may be completed by Thursday or at the latest by next Monday. There is still nice upside in some sectors but the market is rather overbought and we have to watch entries carefully.
Crude oil should finish its first correction by early next week also and 81.00 or 78.82 might be a rest place even if bounces this week go to 92.50. There will be a big bounce in crude oil into the middle of September and that will help oil stocks and the XLE and XOP be desirable for a trade but we are concerned about another meltdown in the energy complex into late October or November.
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