When we look at the attached chart of the SP 500 the stagnation is evident. We are unable to make any meaningful progress in either direction. I mentioned at the start of the year, that all of January might be like that. Won’t be surprised to see the entire first quarter going nowhere.

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I don’t think anything more than a dip will be seen on the downside. I do think an ugly correction/ bear market is in our future, but from higher levels. Nothing makes any sense here, and that concept will need to go to the extreme before it collapses in my best estimation. So I am still in the big picture looking to buy dips, though one will have almost suspend ones awareness and hold their nose to do it. So for now looking for lower levels to try longs again.

Thanks,

Joe