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Coffee & Creative Destruction: To correct, or not to correct: that is the question

It's been over two months since my last post as not a lot has been going on. I've pretty much had my portfolio on cruise control (like everyone else) and I've been taking profits and accumulating a little cash for the anticipated coming correction. 

Yesterday the market held at a key 1300 level on the S&P in the face of Middle East turmoil, a rising VIX index, and disappointing home sales data. I view this as a tell that the market is not going to plunge by 10% or more as the concensus on the street seems to be telling us. I think we're due for about a week of consolidation before it's off to the races again.

The market corrected 2.75% from it's 2011 high of 1343 on 2/18. During the last three days of selling volume on the S&P averaged 4.25B  vs. 3.25B on average for the rest of the month of February according to CNBC. The three day span of selling that preceded the 16% correction back in April/ May 2010 averaged 5.28B in volume. This feels more to me like the brief consolidation that occured leading up to Thanksgiving when the market corrected by 3.8% before continuing on it's bullish run to 1343.