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A Day of Consolidation

This is a minor corrective day; a great showing for what has been a very powerful up move.

At 11am, the short-term hourly patterns look for another small decline; setting up further upside tomorrow.

I expect today's upside leaders, the ag stocks to pull back, with upside rotation coming back into tech and oil.

Shorts hardly pay here. The the Agricultural group is so overbought, that bigger corrections are expected in that group.

When earnings are behind us, markets will again focus on political and geopolitical background news. The Israel - Iran situation can flare at any time. With hostilities at the Israel border with Hezbollah and Iran having new missiles, Israel may be pushed to move quickly. In that case, we could see $100 oil fast. It all could mean the stock market pulls back for a couple of weeks, but still nothing big on the downside. Its expected to see DJIA 10,200 - 10,400 beforeĀ  we begin the move over 11,000.

Disclosure: Short POT