I thought the market could get to a new high amongst its meanderings through the first quarter of 2025. I did think that this would be just part of a broader two way trade where the market needed to “mark time”. In other words, as much as a price correction might be healthy, it really needs a time correction, where it treads water and digests two years of massive gains. Even so short term, it’s too early yet to look to the short side even as we reside in the area of an all time high in the SP 500. Rotation is alive and well. A bellwether of the last two years APPLE is down over 15% in 6 weeks yet the market is around all time highs. Incredible really to think that could happen just a year ago. So my view is the stock market is too advanced to be long, too early to be short.


One specialty stock I do like is MARA, a crypto play. Losing almost 35% from recent highs, it looks to me like a long rotation is upon us here in Mara in the 19.00 to $20.00 area. I like the long side. Risking closes under recent lows.
Thanks,
Joe
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