Although yesterday's distribution day and bearish engulfing pattern in the broad market may have been disappointing for the bulls, keep the correction in perspective. The market was overdue for at least a near-term pullback, and it is normal for an uptrending market to experience an occasional bout of heavier volume selling in even the steadiest of bull markets.
The strongest stocks in the market are already breaking out to new 52-week highs and holding, which increases the odds of the major indices eventually following suit.
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