Correction zone dynamics

The market is still in correction zone. The action like yesterday's is typical in such zones, where over eager shorts or over eager dip buyers are mercilessly squeezed.There were number of newsletters which went negative last week, so the market did its usual thing to shake out some of those over eager or early bears.This melt up may not be sustainable. I would have liked the markets to undergo more severe of protracted correction, but market seldom acts the way you want it to act. My model still is in the caution mode. So I am long but with extremely tight stops.

The earning season is still going on and the good earning scene has created some earnings based opportunities. As the good earnings were anticipated by market well in advance, the market might go sideways or pullback post earning and again rally in anticipation of good earning next season.

There are some potential negatives like lots of mergers and acquisitions and private equity deals. If you see some really big merger or acquisition, it might be time to expect severe correction. Such activities are common at momentum extremes, where management becomes overly bullish. Look at the oil and commodity sector couple of quarters ago where a parade of such deals signaled a top in that sector.

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